3rd May 2016 08:31
LONDON (Alliance News) - Highway Capital PLC on Tuesday said it received loans totalling GBP102,000, including GBP14,000 from directors of the company.
The company said GBP88,000 has been received from an institutional investor in the form of a two-year loan attracting 5% interest per annum.
In addition, GBP7,000 has been received from each of Maciej Szytko and Dariusz Zych, directors of the company, in the form of convertible loan notes which attract 5% interest per annum and are convertible into new shares at 10 pence per share.
The company said it invested GBP89,000 through a two-year loan attracting 8% interest to Mylux, a Cypriot special purpose vehicle which is acquiring a 48% interest in Multipay, a newly formed company looking to offer comprehensive payment services in Poland.
"Despite being an advanced economy, the payment infrastructure in Poland significantly lags other members of the EU and the founders of Multipay, who have extensive sector experience, believe there to be a significant opportunity as a result," Highway Capital said.
Shares in Highway were down 16% at 16.00 pence Tuesday morning.
By Samuel Agini; [email protected]; @samuelagini
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