Outsourcery shares have rocketed this morning after Vodafone announced plans to offer the company a new finance facility.
On Monday, the Manchester firm announced it made a loss of £4m last year and that it was searching for more cash for "short-term working capital purposes". As such, it began considering fundraising, restructuring and even the disposal of non-strategic business assets.
Analysts said this was bad news for Outsourcery and even suggested that a sale to the likes of UKFast or Vodafone could be on the cards.
Vodafone said at the time it was "looking at all the options available" regarding Outsourcery, and two days later, it has come up with a solution.
In a London Stock Exchange announcement this morning, Outsourcery said it had reached an agreement with Vodafone for a new "conditional drawdown working capital facility". The value was not disclosed.
"The new facility has been structured to provide sufficient additional funding such that the company can seek to undertake a realisation of the principal assets of the company in the immediate term," Outsourcery said, adding that one of the terms of the agreement is that it appoints a proposed non-executive director.
Last night, Outsourcery shares were trading at 4.5p as the market closed, and this morning, they shot up as high as 7.8p.
Outsourcery has an existing loan agreement with Vodafone – last summer the firm was provided with a £4m loan over a two-year period, which remains in place on top of the funds announced this morning.
TechMarketView managing partner Anthony Miller was unimpressed with Outsourcery's results on Monday and remained so on today's news.
"Outsourcery has never made a profit. In my humble opinion, it never will," he said.
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