News blog
Mavinwood
- BY: Andrew Hore |
- POSTED: 22/12/2009 |
Document storage services provider Mavinwood says that Lord Ashcroft controlled Geraldton is lending it a further £4m.
The facility has an annual interest charge of 10%. Geraldton has already provided working capital facilities of £5.1m – for an additional fee of £900,000. The total facility of £9.1m plus future interest is repayable on 1 August 2012 but Mavinwood believes at least some of the debt will be converted into shares.
The Lloyds TSB facilities have been reduced by £2m to £17.5m.
The document storage businesses are trading in line with expectations. The damp proofing subsidiary is expected to report and operating loss and Ansa Building Services has been closed. The remaining operations should show an improved trading performance in 2010 and costs have been cut.
At 0.6p a share, up 0.28p, Mavinwood is valued at £2.8m.
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