Site Search
December 2018 edition


Not a subscriber?
To request a Two-Issue Free Trial email your details to: subs@theassignmentreport.com
The Assignment Report Events

Making a difference - Maximising learning outcomes and improving workflow in schools

14 February 2019, 13.45 to 17.45, Ironmonger's Hall, London

Confirmed panellists include: Steve Burnett, Managing Director, RM Education; Andrea Carr, Founder of Rising Stars; Paul Charman, Managing Director, FFT Education; Richard Marett, CEO, Whizz Education; Amanda Peck, Executive Director Marketing, Professional Group, McGraw-Hill Education; Josh Perry, Director, Assembly; Ian Rowe, Business Development Director, GCSEPod; and, Dan Sandhu, CEO, Sparx.

Paul Howells (CEO, Eteach Group), Julian Drinkall (CEO, AET) and Rupert Barclay (Managing Partner, Cairneagle)


Ramesys gets an extra £9m from Lloyds and restructures balance sheet

publication date: May 1, 2008
 | 
author/source: Ed Tranham
Print

Ramesys, the integrated ICT supplier with £80m of BSF wins, has secured an additional £9m overdraft facility from its financial backers Lloyds TSB Bank and Lloyds TSB Development Capital (LDC), £6m of which was made available in March 2008. This lifts Ramesys’ total overdraft facility to £11m, which reflects the high cost of bidding for BSF contracts and the slippage in BSF projects coming on stream. At the same time, LDC has converted £12.5m plus accrued interest of secured loan stock to preference share capital, thus restructuring Ramesys’ balance sheet.

However, within the recently filed accounts for the year ending 31 December 2006, there is a note that the new overdraft facilities will be insufficient for Ramesys to pay in full an unnamed deferred trade creditor £3.6m, which becomes due in January 2010. Additional investment will be required from current investors or third parties to pay this creditor if the business is to meet its liabilities. An interesting in-tray item for Ramesys’ newly appointed chief financial officer, Robin Birch.

www.ramesys.com
www.ldc.co.uk

 


Copyright Meissa Limited 2005-2018