The Local Radio Company is looking to raise an extra £1.51 million, by issuing 600 million new shares. The company is also looking to acquire more stations in areas where they already have a presence.
"The financial results for the year ended 30 September 2008, an extremely challenging year for the Group, have been disappointing," Chairman Anthony Gumbiner said in a financial statement realised today.
"The Directors continue to believe in the long-term strategy of owning local radio stations and local media assets. The Directors intend to continue to support the Group's stations in regions where the Group has a strong presence and will also consider acquisition opportunities in areas where the Group already has a presence and where the Directors believe the Group can successfully operate these services at lower cost."
Loss for the year from continuing operations was £5.61 million or 7.79 pence per share, narrower than £7.9 million or 11.39 pence per share in the prior year.
TLRC is also proposing to change its name back to Radio Investments Ltd, and has confirmed its decision to dispose of Jazz FM, with former TLRC boss Richard Wheatly ready to complete the transaction by March 30th.