Avanti Screenmedia today announced that it was to sell parts of its business. Which parts is anyone’s guess but as regular readers will know we have long been advocates of Avanti slimming down as it has had, in our own words, “too many fingers in too many pies” for far too long!
Avanti Screenmedia says in advanced talks re sale of certain parts of business
AFX UK Focus
LONDON (Thomson Financial) – Avanti Screenmedia Group Plc. confirmed it is in advanced talks to sell certain parts of its business, which would resolve its short-term funding issue, reduce its ongoing working capital requirement, and allow it to focus on the leisure, retail and creative services businesses.
The digital screen media company said finalising these discussions is critical to its future prospects.
The company also said it has agreed to secure any immediate funding requirement with certain of the directors investing a combined 100,000 pounds in loans, which are due to be repaid by the end of July or, in the event they are not repaid, are convertible at 2.5 pence. TFN.email@example.com tsm/kf1
No doubt there will be endless speculation as to what will get sold but it is bound to be a network of sorts AND our bet is that Avanti will dispose of its Shopping Mall network within the next few weeks.
We will be posting on this subject again shortly.