Travelzest plugs 2m gap and brings shares online
TRAVELZEST, the tour operator that offers holidays to naturist resorts, has secured a further £2m to meet a shortfall in its planned share placing, and has been able to lift a suspension on its shares.
The group has completed its £5.7m capital raising and restructured its debt pile, issuing 142.m shares in total at 5p per share.
Mark Molyneux, the group’s non-executive chairman and chief operating officer, now holds 15.6m shares, or 10.7 per cent of the total shares in issue.
Finance Director Jack Fraser holds 9.2 per cent of the company while Merchant Securities holds 36m shares or 24.8 per cent of the company’s shares in issue.
The group requested its shares be suspended on 1 September after two shareholders failed to make the payment of £2m. The non-payment caused the group to breach lending agreements with its banks.
Chief executive officer Jonathan Carroll said: “This has been a challenging six months for Travelzest as we have restructured our business.”
He said the firm was “delighted” with the support it has received from its shareholders and bankers.
“We have set a clear direction and have positioned the group to succeed,” he added.