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Kazacos injects another $1.75 million into Anittel

The company will raise additional funds through a Rights Issue to be finalised in the next 14 days

ASX-listed Anittel Group (ASX:AYG) has secured an additional $1.75 million short-term loan facility from its managing director and his wife, Peter and Vicki Kazacos.

These funds along with the previously announced $1.25 million loan, precede the upcoming Rights Issue that was announced with the release of its half-year results in February.

At the time, it reached an agreement with Kaz Capital to raise $3 million to repay a $1.25 million short term loan from Kazacos.

“The continued support for the business from Peter and Vicki Kazacos underlines their commitment to the business and their belief in the fundamental strength of the opportunities ahead,” Anittel said in a statement.

The company continues to raise additional funds through a Rights Issue to be finalised in the next 14 days.

In March, the company activated a $5 million CBA receivables finance facility and closed down its NAB $1.8 million working capital facility.

It stated the CBA facility was an important factor in the ongoing cash flow management of the business and will allow it fund the working capital required.

The facility will be used to fund hardware and software receivables.

In its 2011 half-year financial results ending December 31, Anittel suffered a dramatic 1215.5 per cent loss in profit after tax amounting to $13.7 million.

The company was trading at a flat $0.006 at the time of publication.

Nominations for the 2012 ARN IT Industry Awards open on Tuesday, June 12.

More about: AB, CBA, NAB
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Comments

1

JAKE

Mon 11/04/2011 - 20:48

another Synergy coming up

2

Don Angel

Mon 11/04/2011 - 23:46

Jake is spot on. The tsunami is fast approaching.
This final funds injection by Kazacos was in response to a major software vendor's final demand for outstanding receivables.
The business has no value.

3

Dave Johnson

Wed 13/04/2011 - 10:52

They must have value they are the reseller of the year.

4

citizen

Wed 13/04/2011 - 18:02

hahaha...nice one Dave!

5

Don Angel

Thu 14/04/2011 - 00:42

Yeah, nice one Dave!
The business has negative net tangible assets, qualified accounts, declining market share, an unproven management team and a share price rapidly approaching zero.

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