Angling Direct (ANG)

Sector:

Retailers

Index:

FTSE AIM All-Share

35.50p
   
  • Change Today:
    -1.50p
  • 52 Week High: 45.00
  • 52 Week Low: 24.00
  • Currency: UK Pounds
  • Shares Issued: 77.27m
  • Volume: 232,019
  • Market Cap: £27.43m
  • RiskGrade: 167

Angling Direct to raise £5.5m in placing ahead of store reopenings

By Michele Maatouk

Date: Thursday 11 Jun 2020

LONDON (ShareCast) - (Sharecast News) - Fishing tackle retailer Angling Direct said on Thursday that it plans to raise around £5.5m in a placing to strengthen its balance sheet and ensure it can pay suppliers promptly ahead of an expected increase in demand over the next few weeks.
The AIM-listed company will place shares at no less than 50p each, with the placing conducted in two tranches. The price represents a 15.3% discount to the closing mid-market price of 59p on Wednesday.

With stores due to reopen from 15 June, the group said a "significant" chunk of the proceeds will be used to strengthen the balance sheet to "provide a buffer against the uncertainty created by Covid-19".

Some of the proceeds will also be used to provide additional funding so it can pay its suppliers on time.

"As lockdown restrictions are eased over the coming weeks, the directors expect high levels of activity across the group's sales channels and therefore believe that it will be important to ensure stock is maintained at sufficient levels to satisfy customer demand," it said.

If there are any surplus funds available and should there be a time when the Covid situation becomes more stable, these could be used to capitalise on "various opportunities" in the company's markets and accelerate growth.

Angling Direct said that under its base case scenario, physical stores will make a phased return to normalised levels of activity following reopening.

"In such circumstances, the board believes that based on its analysis of forecast cash flows the group would have sufficient levels of working capital headroom, both before and after the receipt of the proceeds."

At 1050 BST, the shares were down 13.2% at 1.24p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Angling Direct Market Data

Currency UK Pounds
Share Price 35.50p
Change Today -1.50p
% Change -4.05 %
52 Week High 45.00
52 Week Low 24.00
Volume 232,019
Shares Issued 77.27m
Market Cap £27.43m
RiskGrade 167

Angling Direct Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
22.62% above the market average22.62% above the market average22.62% above the market average22.62% above the market average22.62% above the market average
5.26% above the sector average5.26% above the sector average5.26% above the sector average5.26% above the sector average5.26% above the sector average
Price Trend
9.94% above the market average9.94% above the market average9.94% above the market average9.94% above the market average9.94% above the market average
21.95% above the sector average21.95% above the sector average21.95% above the sector average21.95% above the sector average21.95% above the sector average
Income Not Available
Growth
94.47% below the market average94.47% below the market average94.47% below the market average94.47% below the market average94.47% below the market average
90% below the sector average90% below the sector average90% below the sector average90% below the sector average90% below the sector average

What The Brokers Say

Strong Buy 0
Buy 1
Neutral 0
Sell 0
Strong Sell 0
Total 1
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Angling Direct Dividends

No dividends found

Trades for 28-Mar-2024

Time Volume / Share Price
16:17 1,500 @ 35.11p
16:03 16,483 @ 36.97p
15:40 1 @ 34.00p
14:36 4,094 @ 36.49p
13:54 18,070 @ 36.49p

Angling Direct Key Personnel

CEO Steven Crowe

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