15th Jan 2021 11:34
InnovaDerma PLC - London-based beauty, personal care and life science products firm - Enters agreement with "substantial" shareholder Mark Michael Ward, who has been non-executive director since October, to provide the company with a working capital loan facility of GBP500,000. Says the loan agreement attracts interest at five percentage points above the London Inter-bank Offered Rate and is repayable on July 13. Notes Ward bought 387,905 shares at a price of 69.52p for GBP269,672 in October. Now has 2.2 million shares, a 15% stake.
"Ward can require the loan to be repaid early in the event that the company raises in excess of GBP2 million through debt or equity issuance. In the event that the loan is repaid early, Ward intends to invest the principle in any associated equity issue," says InnovaDerma.
Current stock price: 50.40 pence, down 8.4%
Year-to-date change: down 19%
By Zoe Wickens; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
IDP.L