Ronson seeks pounds 8m to cut debts

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The Independent Online
RONSON, the luxury pens and cigarette lighters company, has announced an pounds 8m placing and open offer to reduce debts after revealing an operating loss of pounds 3.2m in the six months to 4 July. Ronson will issue 850.28 million new ordinary shares at 1p a share on a 17-for-4 basis.

Victor Kiam, the chairman, said a new business plan would reverse Ronson's heavy losses of the past 18 months. Ronson made a total operating loss of pounds 11.4m in 1997, compared with a loss of pounds 2.2m last time.

The shares, suspended on 30 June, are due to start trading again after an extraordinary meeting on 18 September.