29th Oct 2014 13:48
(An item published at 1343 BST misstated the amount in the lede. The correct version follows.)
LONDON (Alliance News) - Draganfly Investments Ltd Wednesday said it wants to distribute its holding in Atlantic Heathcare PLC, subject to any necessary capital re-organisation, and at the same time proposed a capital raising of GBP400,000 by subscription.
In a statement, Draganfly said the price of the subscription will be based on a valuation of the company, pre-investment and excluding Atlantic, of GBP200,000.
"This would mean our shareholders would obtain 100% of the value of Atlantic, effectively the only material asset of Draganfly, and they would also remain shareholders of Draganfly on a diluted basis which would give them the opportunity to share in the future success of Draganfly," Chairman Edward Bayman said in a statement.
"The board believes that on this basis, the company is able to meet its financial obligations for at least the next 12 months. However there is no certainty that this strategy can be implemented," Bayman added.
The news came as Draganfly reported a loss of GBP126,371 in the year ended April 30, compared with a GBP17,464 loss in the prior year.
Draganfly shares were Wednesday untraded. The stock last traded at 0.375 pence.
By Samuel Agini; [email protected]; @samuelagini
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