The technology company had said in early April that it was mulling a possible sale of the company or a fund-raising, after debt rose and it started running out of cash when trading deteriorated last year. It said it had headroom on its working capital facilities of
In its statement Friday,
Given Daley, Kinder and Chief Executive
That committee, mindful of the company's financial situation, its new banking arrangements and the fact that a takeover might not have been done in time, has decided that an equity fundraising is the "appropriate solution at this time".
"If successful in its intention to raise the new funds, the company intends to use the net proceeds of the placing and open offer to reduce its borrowings with the bank, to fund working capital requirements and to invest in new product development and marketing," the company said in a statement.
It said it had confirmed that none of the parties who had expressed a takeover interest in the company were considering an offer any more.
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