“No certainty of a sale of assets” says Avanti as it prepares to issue 100 million new shares in preparation for, in their words “an urgent need for further short term funding”
So that’s them seriously running out of money then and we guess also, VMG, who we think are currently negotiating to purchase Avanti’s Mall network (most probably minus Bluewater, which we think Avanti will keep) probably playing hard ball over price.
Avanti Screenmedia says talks on asset sales ongoing
AFX UK Focus
LONDON (Thomson Financial) – Avanti Screenmedia Group Plc. said it is in advanced discussions for the sale of certain parts of the business.
The company said there can be no certainty that a sale of assets will be completed and as such there may still be an urgent need for further short term funding.
Avanti Screenmedia also confirmed it is seeking shareholder approval for placing shares and for the entry into the convertible loan agreements.
The placing authority is for the issue of up to 100 million new shares in the event that the directors are able to identify suitable investors to secure further working capital for the company, it said.
On June 11, Avanti Screenmedia confirmed it was 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. TFN.newsdesk@thomson.com ndi/lam