AssetCo trying to secure finance

8th Feb 2011 16:43

Outsourced fire services provider AssetCo has lost all of last week's gain on the back of a potential bid after it admitted that talks with its lenders are taking longer than hoped. AIM-quoted AssetCo has been trying to restructure its non recourse asset financing and associated short-term debt. The additional time these talks are taking has forced AssetCo to look elsewhere for short-term cash. It reckons that it requires around £4m in the short-term. Shares in AssetCo have fallen 17% to 50p. AssetCo, whose nominated adviser and broker is Arden, has appointed Evolution to advise it on the bid talks, which are not with JO Hambro as had been rumoured.