Lombard Capital PLC - Bedford-based investment firm - Slumps to a loss of GBP227,603 for the first quarter ended September 30 on rising finance and administration costs. Due to the ongoing losses and existing bonds and interest due for repayment, Lombard "continues to be dependent upon its ability to raise funds through directors' loans, the issue of further bonds with a longer maturity profile, shares and conversion of warrants and other assets in order to meet operational costs and liabilities". Lombard notes the company is actively engaged with bond holders to extend the redemption date and that waste and recycling property Gaskell House, the company's main asset, is up for sale.
"The directors and their advisors continue to explore opportunities to re-finance the company and secure sufficient funds to place the company on a firm footing going forward," Lombard says.
Current stock price: 18.5 pence, untraded
Year-to-date: down 51%
By Will Paige; willpaige@alliancenews.com
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