12 February 2012

Fundraising for Private & Commercial

02/09/2009 Robert Tyerman

Private & Commercial Finance Group has raised £1.35 million to help with the repayment of loan notes.

The AIM-quoted company, whose profits in the year to March fell 72 per cent to £263,000, says it asked broker Daniel Stewart to raise the money through a significantly-discounted placing at 6p to help with the repayment of loan notes falling due this year. Private & Commercial, which funds equipment, plant and vehicles for small and medium-sized companies and cars for consumers, issued £2.3 million of 2009 convertible loan notes in 1999, but, the ability to convert having now lapsed, sought to offer replacement loan notes instead.

Last month, Daniel Stewart placed nearly £390,000 of replacement notes, yielding a hefty 10 per cent, convertible at a well out-of-the-money 25p. The share placing was to help repay the rest of the 2009 notes.

Floated 11 years ago at 65p, Private & Commercial shares had fallen all the way to 8.75p recently. Now 9p, they value the company at £2.6 million.

Tags: AIM, Debt, Fundraisings

Companies: Private & Commercial Finance

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