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Travelzest

  • BY: Andrew Hore |
  • POSTED: 04/11/2013 |

Shares in Travelzest have been suspended at 1.38p after the main lender demanded repayment of all of its loans.

Travelzest does not have the cash to repay the loans and shareholders are unlikely to get anything.

In the summer, Barclays assigned indebtedness of around £15m to a BVI-registered company called Elleway Acquisitions, and it said that it would provide a working capital facility until the end of September. The deadline has been extended a number of times but it has not been extended past 4 November. A consortium led by LDC Logistics Development Corporation has effective control of Elleway. LDC, which is owned by Canadian Chiko Nanji, is a 7.46% shareholder in Travelzest.

The share price fell by 0.13p prior to the suspension. Perversely the share price has risen sharply since early September. Travelzest is valued at £2m at the suspension price.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFOctober2013_49.pdf

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