Brightside raises £6.8m to plug "short-term cash shortfall"
Broker explains share placement was needed to "prevent the possibility" of breaching bank covenant.
Brightside Group has raised £6.8m from a share placement in a bid to plug a "short-term cash shortfall".
The broker issued 45.6m new shares at 15p each to "prevent the possibility" of breaching a bank covenant linked to its premium finance facility.
Last month, Brightside slashed its 2013 earnings estimate by some 20%, citing capacity restrictions for its online business during Q4 2013.
And in a stock exchange announcement, the broker explained: "Despite the strong operational cash profile of
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