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Proventec
- BY: Andrew Hore |
- POSTED: 02/07/2009 |
- COMMENTS: Add yours
A European shareholder has provided cash strapped Proventec with a £500,000 short-term unsecured loan at an annual interest rate of 16%.
The steam cleaning technology developer says that it is looking at its financing options and may issue new shares. The facility lasts until the end of September 2009.
At 69p a share, Proventec is valued at £8.57m. The share price has declined by 62% over the past year.
In May 2009, Proventec’s subsidiary Magma Industries has agreed a distribution agreement for fire retardant products for pressure treatment of timber with a subsidiary of BASF.
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