Monday, November 12, 2007

Newfound (owners of HVR) raise £7M ($14M) in share issue

We're - Are you?

NEWS: Two Directors of the Humber Valley Resort operator (Newfound NV) today agreed to buy 70M shares at 10p to raise £7M, and there is to be a further loan of £500k to ensure sufficent resources to meet its immediate obligations. (Subject to an EGM on 4th Dec)

This is obviously good news for the resort, and for Western Newfoundland tourism ... Full article on and offical release on ... though unsurprisingly the stock market reacted by lowering the share price by more than 20% to 16.5p - due to the dilution of the shares.

... and out of interest, Humber Valley Resort were promoting on the Canada stand at the trade show "World Travel Market" in London this week (a huge show at the ExCel centre). Met with Catherine and Maria on the stand - and they seemed very busy, and upbeat. More good news! Though as both remindered me, tour operators are currently planning for 12-18 months ahead, so the real effect of all their hard work is a while away. Still positive though!

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