Hardy Amies-Buy before the market notices this

As you say, Happy New Year and to start off on the right note let me strike - for once - a modestly positive note.

I was encouraged by the resolution for the AGM empowering the directors to raise £1 million nominal in additional capital. As I understand it, at the current share price, allowing for the usual discount,this wouldn't raise more than a million or so. Given that the new 'owners' have significantly raised the capital requirement with their new strategy (taking the UK franchise into their own hands rather than simply franchising out) they will need more than that even if the current business is beginning to pay its way.

A capital raising at the current share level would therefore be pointless. If it is to go ahead, there will need to be tangible signs of good progress to date, which would certainly shift sentiment & lift the price to a basis for a solid fundraising. That the directors are going ahead with this resolution seems cheering.

The new year update mentioned a bove will be interesting. Onwards & upwards or the knackers yard in short order, I suspect!