Boss’s son props up Eatonfield

CHESHIRE developer Eatonfield has raised £300,000 through a share placing, giving it enough working capital to last through to mid-September.

It has placed 30 million new shares at 1p each. Half of these shares, worth £150,000, have been placed with Jason Lloyd, the son of chief executive Rob Lloyd, giving him a 4.36% stake in the company.

Duncan Syers, the company’s finance director, has taken 800,000 shares through his self-invested pension plan, and the remaining shares have been placed by Optiva Securities, the company’s joint broker, to range of existing and new shareholders.
 
The cash raised will provide Eatonfield with working capital funding through to mid-September 2010, the company said.

It added: “The directors continue to seek further funding and have confidence that additional funding will be made available to the group and will provide an update at the appropriate time. As previously notified, the provision of such further funding remains dependent on the arrangement of a “standstill agreement” with all of Eatonfield’s banks.”

Separately, the company has issued a further 602,150 shares at 2.325p a share to settle a trade debt.