25 May 2012

Restore seeks £4.6m

14/07/2011 Robert Tyerman

Acquisitive document storage and scanning concern Restore (RST) plans to raise £4.56 million at 65p to repay debt and fund takeovers. Broker Cenkos Securities is to handle a placing for the fully-listed company, which says it will use £2.63 million of the proceeds to reduce its indebtedness to 56 per cent shareholder Geraldton Inc, a company owned by tax-efficient tycoon and Tory backer Lord Ashcroft.

Steered by chief executive officer and corporate turnaround specialist Charles Skinner, Restore, which last year turned £100,000 losses into £2.7 million pre-tax profits, says it will also seek shareholders' permission to reduce its share premium account by £52.3 million. That would enable the company to pay dividends, though it says it proposes to give a High Court undertaking not to do this until it has first satisfied 'certain creditors'.

Restore reckons the surest path to growth in document storage is through acquisitions and it has bought several businesses this year, most recently paying £725,000 for Leeds-based Management Archives. The company comments the planned placing will allow it to take advantage of 'potential acquisitions in the data management and broader support services sector'.

Highlighted by Growth Company Investor at 41p in April, Restore shares, which have traded between 22.5p and 73p over the past year, have now reached 69.5p, valuing the company at £32 million. Hold on.

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Tags: Acquisitions, Charles Skinner, Document storage, Full list, Lord Ashcroft

Sector: Support Services

Companies: Restore

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