Early Equity sells off investments to ease cash position

BIRMINGHAM investment company Early Equity is to continue selling off part of its portfolio to ease funding issues.

The company, which announced earlier this month it was delisting from Birmingham’s online stock exchange Investbx , said the sale would hopefully improve its cash position.

In a trading statement today to mark the end of the firm’s third quarter, it said: “The company continues to be constrained by its fully invested status and the directors are attempting to bring in regular cash flows by increasing the scale of the service based offering.

“The board continues to progress the stated programme of the selective sale of current investments. The sale of one or more of the investments would significantly improve the company’s cash position.”

It said the in the quarter ended May 31 no investments had taken place.

“The directors continue to work unpaid on behalf of the company, and costs have been reduced to minimum levels required to retain the PLUS Markets quotation,” it added.

The major shareholders, director Rob Painting and Harbinger Capital Plc, are continuing to support the company financially and the firm said it remained “reliant on the support of these shareholders until such times as investment sales are made”.