News blog
Tricor
- BY: Andrew Hore |
- POSTED: 14/02/2012 |
Cash shell Tricor has agreed a facility of up to £40,000 from investor and former director Joe Case.
Case will be issued convertible loan notes, convertible at 0.03p a share. Tricor can require the converting of the notes when a reverse takeover is secured. The interest rate on the loan notes is 6% a year.
This follows a £100,000 facility agreed with Steven Myers and a £150,000 facility with Darren Ridge. The agreements are all similar.
Tricor’s VAT Tribunal hearing is scheduled for 9 and 10 May and a final decision is expected a few weeks later.
Case is providing consultancy for the VAT Tribunal at £2,000 a month for three months. He will also receive 10% of the net sum received. The company’s claim is for £1.7m plus interest and costs but HMRC is £700,000 plus interest and costs.
The focus of the company’s investing policy is businesses offering services to the resources sector of those developing carbon credits through forestry and other emissions-related activities.
At 0.048p a share, down 0.003p, Tricor is valued at £1.82m.
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