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Secure Design KK
- BY: Andrew Hore |
- POSTED: 06/10/2008 |
Secure Design is raising a further £106,000 at 14.875p a share.
The Japanese biometrics fingerprint technology developer raised £728,000 at 7.8p a share back in June.
Chairman Taketoshi Kashiwabara subscribed for half of the shares in June and he is buying all the new shares being issued. That will take his stake to 65.5%.
The mid price of the shares is 9p - well below the placing price. The bid/offer spread is 7p/11p.
Secure Design’s revenues fell from £1.13m to £70,000 in the six months to June 2008. The loss increased from £425,000 to £1.52m. There was a £406,000 cash outflow from operations and there was £191,000 in the bank at the end of June 2008.
The company’s technology could be used on mobile phones, computers and e-Passports and Secure Design is developing products to be used for authentication purposes.
Management said at the time of the interims that Secure Design is well placed to grow but it needed more cash. The latest fund raising may not be enough, though.
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