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Albany Capital
- BY: Andrew Hore |
- POSTED: 13/02/2009 |
- COMMENTS: Add yours
Investment company Albany Capital is loaning up to £1.75m to Hermes Financial Group so that it can repay the money it owes to Sorbic International.
Hermes can draw down the money up until 30 April 2009. The loan matures six months after it has been drawn down and the annual interest rate is 18%.
Albany will receive a fee of 3% of the cash drawn down and it has a charge over 5.56m shares in Sorbic.
Albany already owns 38.7% of the sorbic acid and potassium sorbate producer but this will be diluted by the issue of deferred consideration of 10.3m shares to Prime Mega because the acquired business has achieved its profit target.
If Albany acquired the shares that have been offered as security then it would own 43.4% of the enlarged capital. Hermes/Prime Mega will own 50.4%.
Sorbic should receive the £2.2m in cash that it is owed by Hermes and related companies. This will help it to grow its business.
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