re: Ann: QTG Announces Sale of API Locksmiths... And there we go, from the Annual Report:
"The sale price of API of $13.1 million has been on the basis of the discharge of all finance leases associated with
that business of $1.1 million. The company pre completion of the API sale had a total liability to our lenders of
$13 million. As part of the financial restructure associated with the sale of API we will repay both lenders of the
company (GE Capital and Helmsman Capital Fund Trust IIB), and redraw funds from GE Capital under an
amended debtors finance facility to provide working capital for the corporate costs and remaining operating
business Q Video Systems (QVS)."
___________
Pay off debt and then get new debt... sigh. If they raised capital, they'd probably get support. Some companies just can't help themselves- debt is all they know.
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Last
$2.40 |
Change
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Mkt cap ! $617.9M | |||
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