News blog
Real Office Group
- BY: Andrew Hore |
- POSTED: 02/02/2010 |
Interior design and fit out business Real Office Group has sold the loss-making ISIS Projects back to its majority shareholder Leander Group.
There is no cash loss on the deal for Real Office Group. Roger Smee of Leander has committed to invest £1m in Real Office Group. The share price will be the higher of 10p a share or the 10 day rolling average share price prior to the subscription.
It looks like being a 10p a share subscription price. At 9p a share, down 0.5p on the day, Real Office Group is valued £12.9m.
The order book is strong and Pacific India has moved into profit. The main problem has been the loss by ISIS. Even excluding that loss, Real Office Group will lose money in the first half due to difficult trading by Pacific Middle East.
Non-settlement of invoices has left the business short of cash. That is why the company requires a working capital facility and the £1m from Roger Smee.
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