Capital for Colleagues (CFCP) invested a further £2.44m in employee-owned businesses in the year to August 2016. Revenues improved from £523,000 to £560,000, although realised and unrealised gains fell from £459,000 to £228,000. Pre-tax profit fell from £426,000 to £158,000. Net asset value was £5.25m at the end of August 2016. The NAV dipped to £5.21m at the end of November 2016, which is equivalent to 54.1p a share.
Strand Hanson has resigned as corporate adviser to United Cacao (UCL) as well as its nominated adviser for AIM. Trading in the 7% secured convertible bonds 2019 has been suspended as has the trading in the shares on AIM. The Peru-based cacao plantation operator says that it has entered into an exclusivity agreement with existing investors in order to try to secure the long-term financial viability of the business. United Cacao has raised $150,000 from the issue of additional 7% secured convertible bonds 2019 at 60 cents for each $1 nominal value – the mid-price was $1 but there had been no trades – and a further issue of convertibles is likely as part of the longer-term strategy. Redundancies at the plantation will reduce monthly costs by $85,000 but the company has trade payables of more than $1.25m. Dennis Melka, Anthony Kozuch and Graeme Brown have all resigned from the board.
Hot Rocks Investments (HRIP) had £14,000 in the bank at the end of September 2016. The NAV improved from £664,000 to £901,000 thanks to unrealised gains on the portfolio of resources investments.
IMC Exploration (IMCP) has raised £150,000 at 1p a share. Global Resource Investment Trust has subscribed £50,000 and IMC director Liam McGrattan has invested the same amount.
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