AIT in £20m battle for survival
12 April 2012
SOFTWARE company AIT Group today unveiled details of its rescue rights issue as it revealed a £9.3m loss for the past 12 months compared with profits of £5.1m a year ago.
Founder Richard Hicks, who returned to the chair in June bringing £8.5m of his own money as an emergency measure, said things had been 'very difficult' since the year ended in March.
Old Mutual Securities has agreed to underwrite the majority of a placing of £8.9m in new shares. After 25-for-one share consolidation, there will be a five-for-one rights issue at a price of 87 1/2p, reflecting a discount of 89%, raising £20.5m in new money. After expenses the reorganisation will raise £10.6m.
