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New Media Lottery Services

  • BY: Andrew Hore |
  • POSTED: 06/02/2008 |

Major shareholders are continuing to provide finance for New Media Lottery Services.

They have consistently provided loans to the lottery organiser in order to help finance the business while it continues to lose money.

Milton and Joseph Dresner are both non-executive directors of NMLS and effectively controlling shareholders. Existing loans total $1.4m. The interest charge on $800,000 of the loans will be 2% above Citibank’s prime rate - currently 6% - while the rest will be at 3% above that prime rate.

The new facility is worth $1m and the interest charge is 3% above the US Federal Reserve prime rate. The facility is unsecured and payable on demand.

The Dresners have indicated that they might convert the loans into shares at some point in the future. The shares are trading at their low of 20.5p.

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