19 August 2011 – results/refinancing
Annual results to last December have shown significant write-downs as the previous management team’s accounting policies were called into question. This has resulted in the restatement of previous years’ results. The group has also announced a large refinancing with a placing and open offer being undertaken at 10p. There will also be a debt for equity swap. Clearly this will result in existing shareholdings being seriously diluted. Further details and comment will follow in due course.