5 Apr 2011 07:00
5 April 2011 Cubus Lux plc ("Cubus Lux" or the "Company") Issue of equity and Trading update
The Company announces that it has allotted and issued 1,002,992 new ordinary shares of 10p each (the "Placing Shares") at 14p per share. Of these Placing Shares, 400,000 were issued by way of subscription for cash raising £56,000 and the remaining 602,992 were in lieu of an outstanding loan. The funds raised will be used to provide additional short term working capital for the Company.
The Placing Shares represent 3.85 per cent. of the Company's enlarged ordinary share capital. Application has been made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM ("Admission"). It is expected that such Admission will occur at 8.00 am on 8 April 2011.
Further to the half-yearly report dated 22 December 2010 the directors announce a trading and financing update as at the year-end of 31 March 2011.
Despite lengthy negotiations and due diligence to conclude a sale of the Casino business discussions remain ongoing and whilst the directors continue to believe that a sale will occur in due course, there is no immediate certainty as to when it will complete. In the meantime and whilst the Casino has undertaken a refurbishment, the Casino has not generated any revenues of note since the half year and will be significantly behind the revenues for the year-ended 31 March 2010.
The marina business has continued to trade steadily but revenues for the year are likely to come in behind budget and those of the previous financial year. Along with other incidental revenues the directors therefore anticipate revenues for the overall Group will be below those of the previous year. As part of the Company's divestment plans it is also considering the sale of the marina business and has had some preliminary discussions with a view to a sale.
As announced previously the Company's business of acquiring and developing various property projects, such as the Olive Island Resort and Valdanos, are contingent on procuring significant funding. The directors are optimistic that a funding solution will be resolved in the near term but, whilst the issue of the Placing shares will assist with short term working capital requirements for the Company, in the absence of any material funding the directors will be reviewing the ongoing liquidity of the Company closely over the coming few months.
Following the issue of the Placing Shares, the Company will have an issued share capital of 26,063,404 ordinary shares of 10p each. As the Company does not hold any ordinary shares in Treasury its total number of voting rights equals its capital. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FSA's Disclosure and Transparency Rules.
For further information about the Company please see www.cubuslux.com orcontact:Cubus Lux plc Steve McCann +44 (0) 7787 183 184 Northland Capital Partners Luke Cairns/Rod Venables +44 (0) 20 7492 4750 (Nominated Adviser) Hybridan LLP Claire Noyce +44 (0) 20 7947 4350 (Broker)
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