Friday 12th December 2008
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The company's second-largest shareholder, James Urquhart, agreed to immediately advance $1 million of the total sought by way of a loan, which is to convert to shares. Urquhart currently owns 19.8% of the company's stock.
Under the rights issue, shareholders would get two shares for every share held at 15 cents apiece. The issue is subject to a vote by shareholders in January.
In September, the company reported a first-half loss of $569,091 as revenue fell 26% to $5.4 million.
The company incurred one-time costs to reduce the number of unprofitable stores. The stock last traded unchanged at 10 cents on September 26 on the NZAX market.
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