Horticultural products supplier William Sinclair intends to ask its shareholders to agree to an increase in its borrowing powers.
A new working capital facility of up to £25m has been agreed with the Royal Bank of Scotland and it has an interest charge of approximately two percentage points above base rate. A five year term loan of £3m is also being negotiated and that will have a lightly higher interest rate. The property loan is repayable quarterly or out of any proceeds from the settlement due from Natural England in respect of the Bolton Fell peat bog claim.
William Sinclair has already raised £8.24m via a convertibles issue in order to accelerate the development of its Ellesmere Port site.
At 91.5p a share, William Sinclair is valued at £15.6m.
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