FastTV plans emergency rights issue

By Julian Clover | May 8, 2009

Swedish IPTV outfit FastTV has announced plans to call an extraordinary general meeting ahead of a proposed rights issue.
In a statement the company said the issue was required to ensure its capital needs were met until such a time as it had a positive cashflow.

In March FastTV sold the remaining 51% of its Danish operations to local partner A + Holding. Although the move has saved FastTV a monthly SEK 500,000, the sale resulted in a negative equity in the Swedish parent company.

FastTV is also renegotiating with its suppliers with a view to further improve the balance sheet.