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Radicle Projects

  • BY: Andrew Hore |
  • POSTED: 14/12/2009 |

Australian agricultural projects investor Radicle Projects has reported a rise in full year loss.

The full year figures were released slightly earlier than expected. Radicle was expecting to publish them nearer to Christmas Eve. It did publish them at 5.02pm, though. The loss increased from £4.52m to £5.6m in the year to June 2009. That includes write-downs on the values of biological assets. The figures have not been audited.

The cash outflow was £6.34m and Radicle plans to restructure its loan notes so that the interest payment is deferred until next June. Radicle does not have the cash to pay the interest of £1.21m. There was £249,000 in the bank on 14 December – six weeks before there was £470,000. However, if the note restructure is not agreed then the company may have to go into administration. The debt is just over £15m and agricultural assets valued at £21.4m have been lodged as security.

If the note restructuring is completed a £822,000 share placing will provide working capital. Asset sales will also generate some cash. 

At 4.125p a share, Radicle is valued at £800,000. The company’s net asset value is £4.45m.

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