30 Jul 2009

ProvencoCadmus urgently seeks cash

6:11 am on 30 July 2009

The share price of payment technology company ProvencoCadmus slumped by nearly half on Tuesday after it admitted it needs short-term support to tide the business over until it can secure a longer-term recapitilisation plan.

Last year the company sold some of its non-core assets in a bid to raise capital.

Chairman Rick Christie says it is no secret that the company has been at risk for some time.

He hopes to make another announcement this week after meeting the bank and shareholders.