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Speymill
- BY: Andrew Hore |
- POSTED: 01/02/2009 |
Two directors of Speymill have lent the company £3.3m.
Jim Mellon (£3m) and Bob MacDonald (£300,000) are lending the cash for 18 months at an annual interest rate of 12%. There is also a facility fee of 3% of the loan value. The interest accrues until the unsecured loan is paid.
The loan can be drawn down when the company requires the cash and is available in three tranches on 29 January 2009, 5 February 2009 and from 1 March 2009. This cash is for working capital, which is needed because of problems in the company‘s contracting business.
Speymill intends to convert the loan into convertible preference shares and offer other shareholders the chance to participate in a preference share offer.
Trading in Speymill shares was suspended on 26 January at 10.25p a share, which values the contractor and asset manager at £5.98m.
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