News blog
Vitesse Media
- BY: Andrew Hore |
- POSTED: 06/04/2010 |
Financial publisher and events organiser Vitesse Media is raising £475,000 at 9.5p a share and reacquiring the website www.SmallBusiness.co.uk from a company owned by two of its directors.
Tudor Myles Ventures, which is owned by executive chairman Sara Williams and her husband and fellow Vitesse director Peter Williams, paid £170,000 for the website last May. This cash was used as working capital by Vitesse.
At the time of the sale Vitesse said that if there were a fundraising deemed to be sufficiently large then the website will be bought back through the issue of shares at the same price as that fundraising. Sara and Peter Williams have subscribed for just over £155,000 worth of shares in the placing and fellow director Andrew Brode has subscribed for nearly £15,000 worth. This effectively covers the repurchase price.
Sara and Peter Williams will own 32.7% of Vitesse.
Vitesse will no longer have to pay the annual fee of £17,000 to Tudor Myles.
At 10.5p a share, down 0.5p on the news, Vitesse is currently valued at £2.69m. The share price was 14.5p when the original sale was announced.
The rest of the cash raised will be used to enhance the database operations and to provide working capital for the business.
Vitesse returned to profit in the year to January 2010. Trading continues to improve and the business is profitable and ahead of budget. Customers are starting to return. Subscribers to What Investment are 11% higher than last autumn.
Table sales at events are beginning to improve and sponsorship has been maintained.
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