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Venue Solutions

  • BY: Andrew Hore |
  • POSTED: 01/12/2008 |

Venue Solutions is putting a subsidiary into administration, moving to less expensive premises and raising additional working capital.

The screens and venue software and equipment supplier has also received commitments to subscribe for £210,000 of shares and convertible loan notes. The company also hopes to raise additional cash on top of what has been secured.

At 0.625p a share, up 0.075p on the day, Venue Solutions is valued at £440,000. That shows that the money being raised is likely to be highly dilutive to shareholders. No share subscription price has been announced but even if it were at a premium to the existing share price the dilution will be significant.

The company says that Venue Solutions Ltd, which is being placed in administration, is a non-operating company. However, this move will lead to lower admin costs. The head office move from Pinewood Studios should also save money.

The plan is to focus on the YourDay theme park video capture system business. The system is in Alton Towers and discussions have started with other theme parks around the world.

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