News blog
Coral Products
- BY: Andrew Hore |
- POSTED: 22/06/2012 |
Injection moulded plastic media and food packaging supplier Coral Products has negotiated new loan facilities of £500,000.
The cash is required because of the capital spending on new tooling for food packaging products and additional working capital requirements.
There is a £350,000 asset purchase loan from Close Brothers Asset Finance which lasts three years plus a £150,000 loan from Coral chairman Joe Grimmond at an interest rate of 10% a year. The latter is repayable by the end of August 2013.
Coral still owes £900,000 of the £1.4m loan taken out to fund the Interpack acquisition. The new facility will be used to repay a further £500,000 and the rest should be repaid by the end of 2012. Because of this early repayment the bank has increased the working capital facility by £800,000.
At 10.75p a share, Coral is valued at £4.1m.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJune2012_33.pdf
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