12th Jun 2015 09:36
LONDON (Alliance News) - Avanti Capital PLC Friday said its monthly management fees, which amount to GBP132,000 per annum, will be deferred from the beginning of July unless the company can realise either its investment in mBlox Inc or be repaid the loan made to that company.
The company's investment manager is Odyssey Partners Ltd.
"If the cash amount received by the company is insufficient to pay all deferred management fees, such as in the case of a partial realisation, the company will only pay Odyssey such management fees as equating to the cash proceeds received, with payment of the balance deferred until a subsequent realisation," Avanti Capital said in a statement.
Avanti Capital has been looking to cut its cash burn and overheads due to a decrease in the size of its investment portfolio.
Avanti Capital shares were up 6.2% at 34.50 pence on Friday.
By Samuel Agini; [email protected]; @samuelagini
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