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Screen Technology

  • BY: Andrew Hore |
  • POSTED: 01/06/2008 |

Screen Technology has been through a financial reconstruction and is raising £1.3m to finance its future.

Cambridgeshire-based Screen Technology was founded in 1995 and supplies displays. Its Itrans technology can be used to provide high brightness, high resolution, large format display screens.

The trading subsidiary STL concluded a Company Voluntary Arrangement in March. Creditors agreed to accept a total distribution of £75,000 in return for the money they were owed. On top of that 50% of the profits made by STL in the period from 14 March 2008 to 31 August 2008 will be paid to the CVA supervisor. Screen also issued shares to Investec to clear the debt owed on the lease of capital equipment.

A placing and 12-for-13 open offer at 0.66p a share will raise up to £1.15m after expenses. Shareholders can apply for more than their open offer entitlement. The latest time for acceptance is 16 June.

This will provide working capital for the business. However the board says that it is “unable to confirm that the company will have sufficient working capital for at least the next 12 months”. The business is still consuming cash and the fundraising will only last until the end of the year if no revenues are generated - depending on how much is raised through the open offer.

Scaent Group is an Amsterdam-based conglomerate that has lent money to the group. Scaent and its concert party will end up with 55.7% of Screen following the refinancing. Scaent believes it will be able to introduce acquisition opportunities to the company.

There will be a write down of assets in the 2007 figures when they are published in June.

The shares were suspended at 1.375p and returned to trading on 23 May. Since then they have fallen to 0.875p, valuing Screen at £310,000. Screen joined Aim on 1 August 2005, raising £7.94m at 63p a share.

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