11th Mar 2015 09:56
LONDON (Alliance News) - Payment services company MoneySwap PLC on Wednesday said it has repaid in full a convertible loan note issued by a subsidiary.
MoneySwap said it has repaid the USD100,000 convertible loan note issued by its Money Swap Exchange Ltd subsidiary.
To repay the loan, the company has issued a new unsecured convertible loan note to an independent third party, it said. The new loan has a 5% per year interest rate and is repayable within two years of the date of issue.
MoneySwap said the conversion price on the new note will be calculated as the average closing market price of its shares in the ten business days prior to the conversion date.
Shares in MoneySwap were untraded on Wednesday, having last traded at 0.800 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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