20th Nov 2015 08:40
LONDON (Alliance News) - Flying Brands Ltd said Friday it has issues GBP100,000 of new convertible unsecured loan notes to Free Association Books Ltd in order to ensure it has enough working capital and can support its future acquisition plans, and said it has appointed LCP Consulting Ltd to help it secure an acquisition.
Flying Brands used to make money from the rental of sites within Retreat Farm on Jersey. It sold the the Retreat Farm assets towards the end of 2014. It is now an investment company, looking at the technology and logistics sectors.
The company said it has appointed LCP to help assist in identifying a project in line with its investing strategy.
In the meantime, Flying Brands has continued to work on driving down its costs and minimise its cash consumption. It said that it had cash at the end of October of GBP247,000, and its total annual costs are now down to around GBP70,000.
Flying Brands also appointed Qu Li, founder and chairman of venture capital company China Ventures Ltd, to its board as a non-executive director.
"We believe Dr Li's appointment as director, and the appointment of LCP as adviser, will immeasurably assist the board in identifying an acquisition opportunity within the technology and/or logistics sector. We look forward to updating shareholders on progress on this matter, in the near future," said Chairman Trevor Brown in a statement.
Shares in Flying Brands were untraded Friday morning. It last closed at 1.87 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.