Quickflix founder increases stake in struggling company, says capital raising is ongoing

January 22, 2015 1:25

Langsford

The founder and chief executive of troubled DVD rental and online streaming company Quickflix Stephen Langsford has signalled that the market should not assume it is done with its capital raising.

The declaration comes after last year’s capital raising, which aimed to bring in $5.7m and fund an extensive below the line marketing effort to ward off intensifying competition, brought in just $650,000 from investors.

“On the capital raising we completed the first part of that just prior to Christmas,” Langsford told Mumbrella. “That was the rights issue among shareholders where we signalled if there was any shortfall then it would be available for the company to look for other shareholders.

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Nic Christensen

Nic Christensen worked for Mumbrella from 2013 to 2016, in roles including deputy editor and media & technology editor. He is former media writer for The Australian and has also worked as a reporter for The Daily Telegraph and senior producer for Radio 2GB.

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3 COMMENTS

Ben 22 Jan 15

Sadly to little to late for shareholders and customers, not once have I seen a printed ad in any newspaper or magazine advising what they have to offer. I’ve been bombarded with what Stan offers.

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It's over... 23 Jan 15

Sadly this business will be gone within 12 months.

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Steve 23 Jan 15

No way it’ll last 12 months. Maybe 1 month..

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