With $54 million in bank debt and another $13 million short-term loan from major shareholders that’s due in August, Quarto Group needs far more money than it can generate or access. In order to extend their loan for another year, to mid-2021, they need to raise money now or face severe consequences. The latest solution to this long-running intractable problem is that the company plans to recapitalize (and dilute) itself by doubling its share base and offering current shareholders new shares if they kick in 68 pence per share. The offer is designed to raise £13.9 million (of $18.2 million) […]
