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Zattikka

  • BY: Andrew Hore |
  • POSTED: 22/07/2013 |

Social internet games developer Zattikka has received a demand for interest owed to the Hattrick loan note holders.

The Zattikka share price slumped 4.5p to 2.5p, which values Zattikka at £553,000. Prior to the announcement of its financial difficulties the share price was 29p. Zattikka raised £9.5m net at 100p a share when it joined Aim on 16 April 2012.

If the interest of £275,000 is not paid by 2 August then the €6.4m loan becomes repayable in full two days later. Hattrick was one of Zattikka’s original acquisitions. Zattikka’s advisers have said that it should not pay the interest because of the danger of the company going into administration in the near future.

Zattikka continues to negotiate with all of its loan note holders in order to persuade them to reduce a substantial proportion of the company’s liabilities. There has been no consensus.

Matthew Le Merle recently resigned as a director.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJuly2013_46.pdf

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