News blog
Elephant Loans & Mortgages
- BY: Andrew Hore |
- POSTED: 07/03/2008 |
Elephant Loans has rescheduled part of its borrowings.
Trafalgar Capital Specialized Investment Fund has extended the term of the loan and deferred capital repayments. Elephant Loans will start repayments at the end of December 2008. There will be 17 repayments with the last being £10,000 plus a 15% It will repay £15,000 each month plus a 15% premium. The interest charge is 10% a year and it is payable monthly. The whole loan is repayable if Elephant Loans is involved in a reverse takeover.
Trafalgar has been issued just over 4.6m shares in return for agreeing to the new terms.
Elephant Loans lost more than £1m in the six months to September 2007. Net debt was £545,000. Trading is tough in the loan packaging market and the company has had to raise money from share issues, but finances remain tight.
New chairman Simon Hargreaves has subscribed for 4m shares at 0.375p a share. Elephant Loans has raised a further £25,000 at the same share price. In February King Asia Investments subscribed for £100,000 worth of shares at 0.375p each. These shares have been sold to private clients of St Pauls Capital. It did the same when it subscribed for £384,000 (£211,000 after expenses) worth of shares at 0.48p a share back in January.
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