Toople PLC - Letchworth Garden City, England-based telecom services for small and medium enterprises - Monthly cash burn reduced by 60% in recent months compared to 2020 rate, Toople says, as orders continue to grow, with gross margins "materially higher" than before the pandemic. Expects positive trend to continue, enabling the company to move toward positive cash flow.
Additionally, Toople says Juli Carter, wife of John Carter, who is managing director of trading subsidiary Direct Market Services Ltd, has sold 1.05 billion shares at 0.06 pence, worth GBP630,000. The shares were placed with existing and new shareholders by Novum Securities Ltd. The majority of the funds will be used by Carter to repay a GBP462,000 loan from DMSL that was owed at the time that Toople acquired DMSL in February of last year. The balance will be used by Carter to fund a High Court action against a third party that doesn't involve Toople, it says.
Current stock price: 0.076p, up 5.4% on Wednesday
Year-to-date change: down 15%
By Tom Waite; thomaslwaite@alliancenews.com
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Toople Plc (TOOP)