News blog
Tricor
- BY: Andrew Hore |
- POSTED: 30/01/2012 |
Former director Darren Ridge has provided a £150,000 working capital facility for cash shell Tricor to help it while it assesses potential reverse takeover candidates.
The facility can be drawn down over time and will be secured by convertible loan notes with a yield of 6% a year. The loan notes are convertible at 0.03p a share. Tricor is trying to secure the conversion of £4.1m of existing convertibles when an acquisition is made. That would leave outstanding creditors of £500,000.
Ridge’s connection with Tricor goes back to 2000 when he reversed his company KJC Mobile Phones into PNC Telecom, as Tricor was then known. Ridge was a major shareholder but the stake he had was diluted by past share issues and it is unclear whether he still owns any shares.
Ridge is currently boss and principal investor of Premier Telecom, a Hampshire-based telecoms and software business.
Last September, Tricor sold 50% of its carbon trading business Tricor Supply Side to two of its managers. Tricor retains the technology platform.
The focus of the company’s investing policy is businesses offering services to the resources sector of those developing carbon credits through forestry and other emissions-related activities.
At 0.055p a share, up 0.015p, Tricor is valued at £1.86m.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJanuary2012_28.pdf
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