Shareholder Loan
Company raises €1m shareholder loan at 9% interest, with rate rising to 12% if not repaid by mid-August.
- Shareholder loan drawn €1,000,000
- Interest rate 9% per annum
- Interest rate if not repaid by mid-August 12% per annum
- Total shareholder loans including previous tranches €3.9 million
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The Board of the Company has entered into a further loan agreement for €1,000,000 with a minority DCI shareholder to provide additional working capital to the Company. The shareholder loan bears an interest rate of 9 per cent. per annum, with no fees payable on disbursement or repayment. If the shareholder loan is not repaid by mid-August, the interest rate will increase to 12 per cent. per annum. When combined with the shareholder loans announced previously, all of the Shareholder Loans are expected to total up to approximately €3.9 million in aggregate (the "Shareholder Loans" or "Shareholder Loan Agreements"). The Company's intention is to repay all Shareholder Loans from the proceeds of the sale of Company assets.
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