19th Oct 2016 14:27
LONDON (Alliance News) - Craven House Capital PLC said Wednesday it has made a further convertible loan to Angola-focused food product and lubricant importer and distributor FMCD Ltd.
Craven House said it has made a USD2.0 million loan to FMCD with a term of one year and an interest rate of 5%. The loan is convertible for up to 13% of the equity in FMCD at Craven House's discretion, or may be repaid or renewed.
The loan is an additional facility to a USD1.5 million loan which Craven House provided to FMCD in September. Craven House has now made loans convertible for up to 23% of the equity in FMCD, secured against a security package including land in the Angolan enclave of Cabinda.
Shares in Craven House were untraded at USD8.75 Wednesday.
By Adam Clark; [email protected]
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