Datalex in talks to raise €10m from Dermot Desmond's IIU Nominees
03/14/2019|6:09:33 PM|RTE

Datalex is in talks with Dermot Desmond's investment company about raising €10m in funding.

In a statement to the stock exchange the travel software company said it was in advanced talks with IIU Nominees Ltd about a share subscription worth €3.9m.

The agreement would also cover a conditional €6.1m secured loan facility agreement from the investment firm.

Datalex said that while talks were at an advanced stage, there could be no certainty that terms would be agreed. 

It said a further announcement would likely be issued in the coming days.

In January Datalex announced that it may have misstated its results for the first half of 2018, leading it to forecast a loss of up to $4m for the full year.

That saw shares in the firm drop by almost 60% in one day, with Datalex shares currently trading 66% lower than in mid-January.

Last month it also announced a cost-cutting plan that it expects will deliver savings of $8-$8.5m this year, with some jobs at the firm also expected to go. 

Read Original Article