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  • BY: Andrew Hore |
  • POSTED: 16/02/2009 |

TurfTrax has failed to raise more cash and its shares have been suspended.

At the suspension price of 0.4p a share, TurfTrax is valued at £180,000. The suspension is “pending clarification of the company’s financial position”.

At the end of September 2008, there was £195,000 of cash in the balance sheet. However, net working capital was £97,000 and more cash will have flowed out of the business since then. TurfTrax owned the GoingStick technology for measuring the going at a horse race and other intellectual property at the time but was not willing to put any more money into the business. It planned to sell these assets.

Management planned to turn TurfTrax into an investment company but can’t do that without additional cash. 

Nominated adviser Dowgate has resigned. TurfTrax needs to appoint a replacement within one month to retain its Aim status but that looks exceedingly unlikely.

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