Veltyco raises capital to chase overdue receivables; warns of possible loss

Writer, Stock Market Wire
Wednesday, January 30, 2019 - 08:25

Gaming industry marketing company Veltyco Group said it had raised £0.5m to help fund a recovery of overdue receivables that could lead it to report a substantial annual loss.

New shares in Veltyco were offered at 15p each.

Veltyco said its overall outstanding receivable balance stood at €10.9m at the end of December.

'Given the above, the board is taking appropriate legal action in respect of recovering these outstanding amounts,' the company said.

'However, there can be no certainty that the group will be able to recover all, or any, of the monies due to it from Celestial and/or Altair.'

'The board has therefore concluded that if the current position prevails, it will need to impair the outstanding receivables due from both Celestial and Altair.'

Combined with an impairment of related intangible assets, this would result in a material impairment charge creating a significant net loss for the year through December.

Veltyco also announced that it had appointed Paul Duffen as its new chairman.

Duffen had previously served as chief executive of Catalyst Media Group and chairman of Hull City Football Club.

At 8:25am: (LON:VLTY) Veltyco Group Plc share price was +1p at 10.5p

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