News blog

Travelzest

  • BY: Andrew Hore |
  • POSTED: 31/08/2009 |

Shares in Travelzest were suspended on 28 August 2009 when one of the subscribers to its placing failed to come up with the cash.

The travel agency and tour operator says that 7198914 Canada, Inc has not paid the £2m it promised. The shares were suspended at 14.5p each, which valued Travelzest at £4.49m.

During August Travelzest announced that it was raising £5.7m at 5p a share. These shares were equivalent to 369% of the existing share capital. The new debt facilities are dependent on the money being raised and a £2m deposit with Barclays.

Chris Mottershead stepped down as chief executive in June 2009. Jonathan Carroll took over as chief executive. Carroll is one of the five shareholders in 7198914 Canada, Inc.  He remains committed to investing on the agreed terms.

Travelzest has asked its nominated adviser Investec to find investors to raise the £2m required.

Net debt was £11.7m at the April 2009. Travelzest made a small profit in the six months to April 2009 and there was a cash inflow from operations. 

© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Browse by issue
All issues
Popular tags
All tags

betbrokers, financial, gold, health, leisure, media, mobile, resources, services, technology

AIM Micro feeds

Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds