Howard Kennedy puts Fitbug in good financial health

Law firm Howard Kennedy has advised AIM listed Fitbug Holdings Plc on its latest fund raising that has seen the company raise a further £1,665,000, and on the restructuring of its existing loans.

The fund raising comprises:

·       £665,000 raised by way of a new share placing;

·       £350,000 raised by subscription from NW1 Investments; and

·       A new £650,000 convertible loan in favour of NW1 Investments.

At the same time Fitbug has agreed the restructuring of its loans, which extend the terms until 2017 and reduces the interest payable.

The Howard Kennedy team was led by Partner and Head of Corporate Ashley Reeback and Solicitor Sian Thomas.  Howard Kennedy has advised Fitbug since 2004 when it floated on AIM.

Fitbug is the online provider of personal health and wellbeing services that help individuals to improve their lifestyles by making realistic changes to their daily routine.  It combines activity tracking devices which download to the Fitbug app and fitbug.com to provide an understanding of users’ daily activity achievements, with mobile and web technology which provides users with personalised weekly activity and nutrition targets, feedback, advice and encouragement.

The funds raised will support further product enhancements and marketing to increase sales of its integrated wearable health technology offering, including Kiqplan and Fitbug Orb.

Howard Kennedy’s Ashley Reeback said: “Fitbug is a company with an exciting concept and truly innovative product.   It is changing the way we think about our health.  We are delighted to have been part of the team for the past decade and look forward to its continued success.”

Fitbug Chairman Fergus Kee said: “Fitbug is uniquely positioned within the wearables market, including Smartwatches, which is forecast to grow to 148 million units shipped per annum by 2018.  These new funds and attractive loan restructure terms significantly strengthen the company's financial position and prospects.  We welcome new investors and thank longstanding shareholders for their continued support.”

TUI recommended as a ‘buy’ for investors as holiday maker confidence resumes

·         The travel group reported encouraging Q3 results

·         TUI’s revenues for the period increased by 6%

As TUI reports its interim year results Helal Miah, investment research analyst at The Share Centre, explains what they mean for investors.

“This morning TUI reported very encouraging third quarter results, which have pleased investors as the shares have risen by 8% on the market this morning. The group’s revenues for the period increased by 6%, to €5.1bn, whilst its operating profits jumped by 18%. These positive figures came about despite the impact of the Tunisian terror attacks, which cost it about €40m and there was lots of uncertainty due to the Greek debt crisis. However, in the most recent weeks, travellers have resumed confidence and bookings to Greece have picked up again.

“Bookings for cruises, hotels and resorts from customers in the UK have generally been very strong, whilst Germany seemed to be a weak point for the travel group. Holidays for summer 2015 were 86% sold whilst Tunisian traffic is being diverted elsewhere. Management remains confident of delivering 12.5-15% operating profits growth for the full year of 2015 and we believe the economic backdrop remains supportive of further growth.

“Due to encouraging factors such as the above, we continue with our ‘buy’ recommendation. This stock may be a good choice for investors seeking a mixture income and capital growth, who are willing to accept a medium level of risk.”

Small World FS announces new partnership with Sri Lankan Commercial Bank of Ceylon
Partnership will help Sri Lankans around the world send home $7 billion every year

13th August 2015, London and Madrid: Small World FS, Europe’s leading payment services provider,has today announced the launch of a new service for the global Sri Lankan community through a partnership with the Commercial Bank of Ceylon Plc.

The award-winning Commercial Bank of Ceylon is one of the leading commercial banks in Sri Lanka with over 240 branches and 600 ATMs. This partnership will enable Sri Lankans worldwide to send money home easily and quickly from any of the 32 countries where Small World FS has a presence, simply by visiting one of the company’s dedicated branches, a convenient agent location, by phone, online or using their mobile.

Nick Day, CEO, Small World FS, commented: “Sri Lankans employed abroad send home over $7 billion every year to support their families and friends, and to invest back into their home country. This partnership between Small World FS and Commercial Bank of Ceylon will help the community get their funds to Sri Lanka faster and at much lower cost than with existing services.”

Jegan Durairatnam, CEO, Commercial Bank of Ceylon Plc also commented: “Commercial Bank has over 45 years of unparalleled growth and achievement in Sri Lanka. We are always looking for ways to improve services to our customers around the world, and today’s partnership with Small World FS is just one example of the work we are doing. We look forward to working closely with Small World FS as we support the global Sri Lankan community’s payment transfer needs.”