Bloomsbury announced a series of actions to raise capital and reduce expenses, preparing for a “prudent downside scenario” projecting the impact of the pandemic, which assumes “a 75% decline in print revenues and gradual retailer re-openings, to recovery in January 2021.” The company will raise approximately £8.4 million in cash by selling an additional 3.77 million shares (or 5 percent of the existing issued share capital) to “provide financial flexibility to the Company to enable it to maintain appropriate investment to capitalise on future commercial opportunities, whilst ensuring it remains within its banking covenants.” They note that, “Should a prolonged […]
