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Radicle Projects

  • BY: Andrew Hore |
  • POSTED: 27/09/2009 |

Radicle Projects is trying to refocus its business so that it can become a fund management business.

The Australian agricultural projects investor historically was an investor in projects but it wants to organise funds to invest in projects and manage those funds itself. Radicle intends to improve its cash position by selling investments.

Radicle has agreed a restructuring of its convertible loan notes. The face value of the loan notes will be reduced by 60% from £15.1m to around £6m. The face value will then be increased on a monthly basis until it returns to the original value when they mature in June 2012. The December 2009 interest payment will be deferred until June 2010.

One of the main loan note holders would like to raise cash so Radicle intends to use the money raised from asset disposals to tender for loan notes. Some of the disposal cash is also needed for working capital.

Radicle had cash in the bank of £660,000 at the end of August 2009.

The administrator of Kaupthing Singer & Friedlander has sold its 1.96m shares in Radicle. That removes an overhang of more than 10% of the shares.

Full year figures for the year to June 2009 will be published in December.

At 5.375p a share, Radicle is valued at £1.03m. 

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