13th Oct 2020 19:13
Arena Events Group PLC - bespoke turnkey temporary structure builder - Has secured funding of GBP15.6 million through the Government Coronavirus Large Business Interruption Scheme, supported by its lender, HSBC. As part of securing this additional three-year lending facility, Arena has agreed to cancel its unused GBP4.8 million HSBC overdraft facility which was put in place in March 2020. The Coronavirus Large Business Interruption Scheme funding is repayable in instalments, with 20% of the funds drawn at the end of the first year being repayable through a quarterly profile in the second year, with another 20% payable across the third year and the remainder at the end of the period. The company said the funding gives the firm "greater financial flexibility and significant additional headroom" as it deals with the Covid-19 pandemic.
Current stock price: 5.64 pence
Year-to-date change: down 74%
By Paul McGowan; [email protected]
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