LONDON (Thomson Financial) - Financial services provider Baydonhill PLC said
it has raised 524,000 stg via the placing of 9.11 mln new shares at 5.75 pence
each with Ekwienox FX Ltd and some directors to provide additional working
capital until it becomes cash flow generative.
The company also said it has been advanced a three-year convertible loan by
Ekwienox, generating a further 476,000 stg. The loan, or any amount outstanding
under the loan agreement, is convertible into new shares at any time up to April
30, 2010, Baydonhill said.
The company said the funding will also help it to develop its corporate
division in the UK market.
Following the placing, chief executive Wayne Mitchell has a stake of 3.83
pct, while directors Timothy Sullivan and Ian Collins have hiked their stake to
0.55 pct and 0.30 pct respectively. Tania Brownhill has a 0.41 pct stake
following the placing while Ekwienox now holds a 66.34 pct stake in Baydonhill.
TFN.newsdesk@thomson.com
npr/slm
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