25 May 2012

Cubus directors stump up 

13/03/2009 Robert Tyerman

Croatia leisure play Cubus Lux has raised £1.2 million at 40p from chairman Gerhard Huber and chief operating officer Christian Kaiser.

Austrian businessman Huber, who already had a 13.34 per cent stake, and Kaiser have contributed equally to the placing, which is aimed at keeping the show on the road while AIM-quoted Cubus copes with financing delays with its key £92 million Olive Island resort project. Company spokesmen say one of the Austrian banks negotiating funding has been forced by the credit crunch to curtail its lending, while the other remains willing in principle but has warned that due diligence on the project will, in today’s nervous climate, take many more months than originally envisaged.

Shares in London-based Cubus have plunged from 205p at the beginning of last year to 33.5p now. That values the company at £4.9 million.

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Sector: Travel & Leisure

Companies: Cubus Lux (suspended on 28 September 2011)

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