Dillistone Group Plc announced that it has agreed to raise a further GBP 120,000 pursuant to a loan agreement. The Board considers the Fundraising to be a prudent course of action in case the Group's markets continue to be challenging for an extended period. The proceeds from the Loan will therefore be used to provide the Group with additional working capital.
The Loan Agreement, which will be drawn down fully when required by the Company, will be provided by Yuriko Starr, the wife of the Group CEO. The Loan is unsecured and ranks behind the Company's other existing debt in terms of capital repayments. The Loan carries an interest coupon of 10.85 percent pa over the term of 48 months.
Interest will be payable quarterly in arrears and will be satisfied in cash. Capital and interest may be paid in full or in part at the discretion of the Company at any time during the term of the loan.
