Disclosure: Financial Investigative Media Limited, which is not owned by Tom Winnifrith but by a trust for his dependants, owns shares in companies mentioned in this article. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Orogen (ORE) has confirmed that the second tranche of the secured loan made to Thread 35 Ltd has now been drawn down. The total amount of the loan, which is now fully drawn down, is £250,000.
Thread owns an e-commerce womenswear brand, targeting 35-55-year-old women under the brand name "Sosandar". We chatted to the Orogen team and things are moving fast. Sales at Sosandar continue to race ahead and although still small right now ( £35,000 a week) they are growing fast. The cash which it will have post RTO will allow it to offer much larger lines of stock.
For instance one item ( pairs of a women's boot) sold out in 90 seconds last week. that was when Sosandar had just 200 pairs in stock. Post RTO it would have the option to secure deals where it could draw down on much larger lines. It is a slick operation set to scale up rapidly post RTO.
We gather documents will be published next month and the shares should start trading again in August. They will fly from the 1.7p suspension level.
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