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Radicle Projects

  • BY: Andrew Hore |
  • POSTED: 07/12/2007 |

Australian agricultural projects investor Radicle Projects is in a good position to generate cash to cover its existing dividend and possibly pay a higher one. 

Radicle reported a £1.35m profit in the year to June 2007. However, most of that came from gains on the value of its agricultural assets. It generated less than £80,000 from operations. Radicle says it will pay a 3p a share dividend. That’s the same as it paid last year and that cost £571,000.

Chief executive Tim Bennett says that the more mature investments are beginning to generate cash. This can be put towards further dividend payments.

Radicle’s progress was hampered by the administration of agricultural manager QPFL. Radicle had a stake in the business and it was also handling some of its assets. Radicle managed to get £650,000 of cash and assets back from QPFL and there has been little long-term damage.

The company is in a strong cash position because it raised £14.4m net from a convertible loan note issue. It should take until next autumn to invest this cash.

The shares rose 4.5p to 62p. They yield 4.8%.

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