19th Jul 2018 12:49
LONDON (Alliance News) - The People's Operator PLC on Thursday said it is in talks with a third party regarding a potential investment.
The mobile operator expects the bridging finance - offered by this third party - to be converted into equity as part of any potential deal.
In mid-June, the company was "highly likely" to need bridge funding as it was waiting for the proceeds of the sale of its US business, which it sold in May to an unnamed party.
Meanwhile, Barclays PLC, to whom The People's Operator owes just over GBP1.0 million, has requested all proceeds of the financing be placed into a security realisation account and then only released once the company can prove it can raise funds for its UK business.
Shares in People's Operator remain suspended from trading, after it failed to publish annual report and accounts.