TurfTrax has raised cash to turn itself into an investment company and reappointed its nominated adviser.
The shares remain suspended at 0.4p each, which values TurfTrax at £180,000. The suspension happened when Dowgate resigned as nominated adviser on 16 February 2009. The suspension will continue until a circular is sent to shareholders to convene an EGM.
The EGM will propose a new investing strategy, agree the disposal of the remaining horse racing-related trading activities and arrange a capital reorganisation in order to enable the proposed share placing.
The placing will raise £120,000 and TurfTrax is also securing a loan facility of up to £250,000.
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