SUMM25 Apr 2009 01:02
Re SUMM,
While there is obvious potential for large gains this is a little worrying -
UPDATE ON FINANCIAL POSITION
Oxford, UK, 20 February 2009 – Summit Corporation plc (AIM: SUMM), On 28
October 2008, Summit issued its interim report for the six months ended 31 July 2008
and stated that it anticipated requiring additional finance at some point in the future to
enable its strategy for delivering shareholder value to be implemented in an optimal
manner.
Since that date, the Company has been holding discussions with shareholders and
other potential investors with the aim of raising additional equity capital. However,
whilst it has been able to obtain indicative commitments from a number of investors, in
light of prevailing market conditions the Company has not been able to secure a
sufficient level of funding to enable it to continue with its current strategy.
Guess any news on this front would do the trick :-)