TROUBLED radio station Fresh AM could soon have new owners.

The station, which is based in Skipton, has never made a profit since it began broadcasting, but a share exchange offer to shareholders hopes to secure investment for the station.

In its last set of published accounts, which covers the year to December 31 2004, Fresh made a loss of £28,019. Its losses over the past five years amount to £398,163.

The company's performance in 2005 has not yet been audited but in a letter to shareholders, company chairman Chris Parkin warns that turnover is down for 2005 and its losses will be greater than the previous year.

Last spring Laser Broadcasting Limited, based in Leyburn and a company which invests in the radio industry, approached Fresh Radio with a proposal to invest in the company.

Now shareholders have been asked to agree to exchange their shares in Fresh Radio Limited (FRL) for an equal number of shares in a new company, Fresh Broadcasting Limited (FBL).

However, shares in FRL were purchased at £1 each and the value of FBL shares is just 25p.

Once the exchange is completed, Laser Broadcasting will buy additional new shares in FBL which will be used to develop the station.

In a letter to shareholders the FBL board said: "Fresh Radio has a nominal share value of £1. Given the trading history of the company, the board believes it is certain that the current value of the shares is less.

"Laser, a company specialising in investment in the radio industry, have indicated that they wish to invest in Fresh Radio and believe that the company could have a profitable future."