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Travelzest plugs 2m gap and brings shares online

TRAVELZEST, the tour operator that offers holidays to naturist resorts, has secured a further &pound;2m to meet a shortfall in its planned share placing, and has been able to lift a suspension on its shares.<br /><br />The group has completed its &pound;5.7m capital raising and restructured its debt pile, issuing 142.m shares in total at 5p per share.<br /><br />Mark Molyneux, the group&rsquo;s non-executive chairman and chief operating officer, now holds 15.6m shares, or 10.7 per cent of the total shares in issue.<br /><br />Finance Director Jack Fraser holds 9.2 per cent of the company while Merchant Securities holds 36m shares or 24.8 per cent of the company&rsquo;s shares in issue.<br /><br />The group requested its shares be suspended on 1 September after two shareholders failed to make the payment of &pound;2m. The non-payment caused the group to breach lending agreements with its banks.<br /><br />Chief executive officer Jonathan Carroll said: &ldquo;This has been a challenging six months for Travelzest as we have restructured our business.&rdquo;<br /><br />He said the firm was &ldquo;delighted&rdquo; with the support it has received from its shareholders and bankers.<br /><br />&ldquo;We have set a clear direction and have positioned the group to succeed,&rdquo; he added.