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Bus maker Optare has secured a second loan facility from one of its major shareholders.
The latest facility is for up to £750,000 and it matures on 19 February 2011. The first facility was for up to £1.5m and it lasts until 13 March 2011. Both facilities have an annual interest rate of 8 percentage points above base rate. It is unclear what will happen when the facilities mature. The sale of the Rotherham site is planned but the timing canít be guaranteed even though there are two offers.
Optare has won a £7.6m contract to supply 68 single and double deck buses. The order book is worth more than £43m and there could be further orders under the Green Bus scheme in the UK, which ends in March. Optare has already said that its 2011 output will be better than expected.
However, 2010 turnover was lower than expected because of the poor weather at the end of the year. One-quarter of fourth quarter bus sales were overseas.
A move to a new factory in Leeds is planned for later this year.
At 3.375p a share, Optare is valued at £12.9m.
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