22nd Nov 2018 14:37
LONDON (Alliance News) - Marine and waterfront regeneration company Sutton Harbour Holdings PLC on Thursday reported a swing to an interim profit and launched an open offer of shares.
For the six months to September 30, the company posted a pretax profit of GBP110,000, compared to a GBP702,000 loss a year ago.
This was because it incurred lower losses on the fair value adjustment on fixed assets and investment property of GBP8,000 compared to GBP838,000 a year ago.
Meanwhile, revenue increased 5.7% to GBP3.7 million from GBP3.5 million a year prior.
On Thursday, Sutton also launched an open offer of shares of up to 10.3 million shares at 29 pence to raise up to GBP3.0 million.
The funds raised through the offer will allow the company to finance the post planning, pre-construction costs of its projects and capital maintenance project costs and to provide cash headroom for its operations.
The issue price represents a premium of 1.8% to the company's closing price on Wednesday.
Sutton shares were down 5.3% at 27.00p each on Thursday afternoon.
Qualifying shareholders will have a basic entitlement of 77 shares for every 786 shares they already hold and will have the opportunity to apply for additional shares.
The company will hold a general meeting on December 10 to allow its shareholders to vote on the open offer proposal. If approved, admission of the new shares to trading is expected on December 11.
Related Shares:
Sutton Harbour Holdings