01/08/2008
Loss-making Cains Beer Company has requested a share suspension after Bank of Scotland rejected funding proposals.
Liverpool-based Cains, which lost £4.6 million in the six months to April, has been in talks with Bank of Scotland for some time over renewing its banking facilities. But the bank has told chief executive Sudarghara Dusanj it is not prepared to support the company’s proposals and so it has asked for a suspension ‘pending clarification of its financial position’.
Shares in Cains, where Sudharghara Dusanj and chief operating officer Ajmail Dusanj together own 71 per cent and the free float is a mere 1.5 per cent, have fallen all the way to 3p today since their launch 10 years ago.
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