5th Oct 2018 09:40
LONDON (Alliance News) - Coral Products PLC said Friday it has waived any rights related to historic breaches of financial covenants in its mortgage loan facility.
Coral shares were trading 12% higher at 10.35 pence each.
Last week, the company said it has complied with the financial covenants in its mortgage loan facility since April.
The plastic products manufacturer reported historic breaches of financial covenants in its final results for its financial year ended April 30, which it released last week.
Coral, however, said the facility provider has confirmed it has complied with the covenants since April and a formal waiver of the historic breaches has been requested.
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