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  • BY: Andrew Hore |
  • POSTED: 07/07/2009 |

Reflec wants to leave Aim.

Some directors say that they intend to buy shares in the reflective inks company, whether or not it leaves Aim.

Reflec believes that it will save 100,000 a year if it is not on Aim and it does not believe that it will be able to raise additional working capital or easily make acquisitions.  Reflec claims that management will also have more time to spend on the business.

The net asset value was 2.72m at the end of February 2009, or 1.76m excluding intangible assets. At 6p a share, Reflec is valued at 670,000. The share price fell 2.75p on the day that the proposed withdrawal from Aim was announced.

John Heaton has increased his stake from 5.19% to 6.39%.

Revenues dipped from 4.08m to 3.06m in the year to February 2009. A sharp reduction in admin costs meant that the underlying operating loss reduced from 63,000 to 20,000.

There is a bank overdraft of 87,000.

Reflec expects trading to remain tough. 

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