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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Real Affinity | LSE:RAF | London | Ordinary Share | GB0030285596 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.01 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Trading Update 3 December 2007 REAL AFFINITY PLC FUNDING AND TRADING UPDATE Real Affinity plc ("Real Affinity" or "the Company"), the AIM-listed marketing services company, announces that following the recent restructuring which took effect from 30 June 2007, Real Affinity is now operating as two integrated divisions with new management in place and whilst longer term prospects are encouraging, the Company's trading performance has yet to reflect the benefits of the restructuring. The interim results for the six months ended 30 September 2007 to be published in December will show a small operating profit before plc and exceptional costs. As stated in the 2006 Report and Accounts, John Ross, Chairman, continues to support the Company through a combination of loans and equity investment. On 2 August 2007, Red Kite Capital Partners Ltd ("Red Kite"), a company controlled by Mr Ross, agreed to provide a £1 million funding facility to the Company in the form of a convertible redeemable unsecured loan note. At 30 September 2007, the loan note amounted to £390,000. The loan note is convertible at any time into ordinary shares at a price equal to the nominal value of the shares at the time of conversion. The loan note currently does not bear interest. The Directors (other than Mr Ross) have entered into discussions with Red Kite to place the funding facility on a formal structured basis to meet the ongoing working capital requirements of the Company. The funding facility is a related party transaction under the AIM Rules. The Directors of the Company (other than Mr Ross) consider, having consulted with HB Corporate, the Company's Nominated Adviser, that the terms of the funding facility are fair and reasonable so far as the shareholders of the Company are concerned. Shareholders will be aware that the Company's share price has for several months been below the par value of the shares. The Board is considering implementing a reorganisation of the share capital (subject to shareholder approval at an extraordinary general meeting) to make the shares more attractive to new investors and to provide more visibility to the market. Shareholders will be advised of the details of the proposed share capital reorganisation on publication of the interim results. Enquiries: Real Affinity plc 0113 290 8730 Martyn Archer, Group Finance Director Brent Fitzpatrick, Non-executive Director HB Corporate 0207 510 8600 Edward Hutton / Rachel Kane Bankside Consultants 0207 367 8888 Michael Padley / Susan Scott - ---END OF MESSAGE---
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