News blog
Universe Group
- BY: Andrew Hore |
- POSTED: 21/08/2012 |
Amati has taken up more than one-third of the shares in Universe Group that were recently placed to raise £1.675m at 2.3p a share.
Amati VCT has acquired 13.4m shares in the retail and loyalty systems supplier and Amati VCT2 has bought 12.5m shares. The combined stake is 13.8%.
Downing has increased its total stake from 6.1m shares to 25.7m shares (13.7%) and it is also subscribing for £200,000 of loan notes, with an annual interest rate of 9.5%. The shares are held across a number of funds, most of which are VCTs.
The £1.51m raised after expenses will be used to enhance the payment and loyalty processing operations. Bank loans will also be reduced. Net debt was £1.76m at the end of 2011.
The placing price was at a discount to the then market price but it has since slipped below the placing price. At 2.25p a share, Universe is valued at £4.22m.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJuly2012_34.pdf
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