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EMXCo gets cash injection

EMXCo, the electronic marketplace for unit trusts, has raised emergency interim funds to keep it afloat until a second round of funding next year.

A £1.2m interim cash injection has been provided by four of the 152 EMX shareholders, Fidelity, Investco, M&G and Threadneedle in return for an issue of convertible loan notes.

EMX says its trading volumes are rising but extra funding was needed because electronic trading has not taken off as quickly as the industry predicted. EMX plans to raise a further £6m from rights issue in January next year.

EMX chairman Nicholas Durlacher says: “Our original business plan predicted EMX would be profitable from the end of 2001. However, because of the slower than expected development of electronic trading we have now amended the plan and expect to reach profitability in 2003.”

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