Monday, 28 September 2009

Clarity raises finance on positive trading

(By Anthony Miller – Monday 28th September 2009 9:30am). As one of the earn-out milestones fast approaches for its MATRA acquisition (see May be earn-outs aren’t quite so great just now), EPOS and retail management software, Clarity Commerce, is placing 6.8m new shares to raise £2.8m gross. The new shares were offered at a 5% dicsount. About 60% was funded from AIM VCTs, which is a pretty good result given the scarcity of venture funding, as readers of our IndustryViews Private Equity reports will well know. However, money is there for ‘worthy causes’, particularly established plays that are near or have hit positive cash flow and profits, as was the case with Clarity in its most recent FY (to 31st March ’09). The placing was coupled with a positive trading update which otherwise lacked, dare we say, much ‘clarity’, so we will have to wait till November for the mists to clear.

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