Aran Asset Management has more than doubled its stake in Catalytic Solutions to 8.57%.
The transaction took place in January but the company was informed this month. Pictet Asset Management reduced its stake to less than 3% in the middle of January.
This means the Aran share purchase was prior to the latest temporary extension of the catalysts and emission control systems developerís bank facility with the Fifth Third Bank. The facility was due for renewal at the end of 2009 and it has been extended until the end of April. The facility has been reduced from C$8.5m to C$7.5m. The limit will be reduced by C$100,000 each month. Catalytic Solutions was using C$5.4m of the facility at the end of 2009.
The interest charge has been increase by 0.25 percentage points.
The company still needs to find a long-term solution to its financing.
The Regulation S shares were unchanged at 2p each but the other class of share was 0.375p higher at 1.25p. Both types of share have lost more than three-quarters of their value over the past year.
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