30th Dec 2015 09:37
LONDON (Alliance News) - Environmental Recycling Technologies PLC on Wednesday said its former chairman, Ken Brooks, does not intend to ask for repayment of the loan that he provided the company earlier this year and instead will convert the outstanding balance into shares.
The recycling technology company secured a GBP200,000 loan from then-chairman Brooks in July, which has now been fully drawn down.
Though the loan is technically repayable on demand, Environmental Recycling said Brooks has no intention of calling in the loan at present and will convert the balance into shares in the company in due course.
Brooks retired from his role with the company in September.
Shares in the company were down 14% to 0.151 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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