2nd Oct 2019 09:51
(Alliance News) - Jaywing PLC said Wednesday two of its major shareholders have increased its loan facility, and also agreed to pay off its existing facility owed to Barclays Bank.
Shares in the data and advertising firm more than tripled in morning trade in London at 6.50 pence each.
Jaywing said "entities associated" with two unnamed major shareholders acquired the company's GBP5.2 million existing secured loan facility owed to Barclays.
The shareholders also increased Jaywing's credit facility to GBP8.2 million from GBP3.0 million, which Jaywing said will allow it to repay its outstanding overdraft and provide it with additional working capital.
Jaywing said: "The additional finance ensures that the company is in a much stronger financial position to not only meet its short-term financing requirements but also to continue realigning the business and its product offerings to client demand in a market place which has and continues to evolve rapidly."
"The major shareholders have indicated their ongoing support for the business, which may include the provision of further debt and/or equity by them," Jaywing added.
By Paul McGowan; [email protected]
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