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Discover Leisure

  • BY: Andrew Hore |
  • POSTED: 15/06/2009 |

The proposed company voluntary arrangement for Discover Leisureís main trading subsidiary has been agreed by creditors.

This has enabled new banking facilities to be signed. The interest rates on the £5m loan have been changed. Creditors have 28 days to appeal the CVA decision.

Shares in the caravan retailer jumped 0.33p to 1.03p, valuing Discover at £1.59m. Five directors bought shares at 0.8p each. They acquired a total of 5.75m shares.

The CVA proposal was changed to include a provision for additional voluntary contributions from the Signlease subsidiary into the CVA of not less than 50% of any rise in net after tax income subject to cash flow and approval by the banks.

Royal Bank of Scotland has been issued warrants over 5% of Discoverís fully diluted share capital. They are exercisable at 0.7p a share for six years after their issue. 

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