In a further development that pushes Enterprise Computer Holdings Plc another step closer to the edge, the Reading, Berkshire company will have to start again with its refinancing after announcing that its placing agreement had not become unconditional and had therefore lapsed. The placing combined with an open offer were together expected to raise around ú1.9m net of expenses as part of the refinancing agreement drawn up with its banks in March (CI No 2,632), which also included a conversion of debt to equity. In a brief statement, Enterprise would only say that it is reviewing the situation with its bankers and will make another announcement as soon as is practicable. The company’s shares were suspended last month at it’s request (CI No 2,646) pending the result of an investigation into a claim made against Enterprise relating to a lease on one of its properties.
