12th Aug 2019 13:39
(Alliance News) - Real Good Food PLC said Monday it has negotiated with its three major shareholders an extension of repayment dates to funding arrangements.
Former subsidiary Napier Brown Ingredients Ltd, Omnicane International Investors Ltd and funds managed by Downing LLP agreed to provide funding for the food company, at a total of GBP24.3 million in loan notes.
The agreements have been amended so that the final repayment date for each loan agreement has been extended to May 17, 2021 with no change to the interest rate.
However, if any of the loans are repaid after March 31, 2020, they will be subject to a principal redemption premium of 15%.
Real Good Food said extending the repayment substantially alleviates the pressure on the company to source funding to make the necessary repayments.
Shares in Real Good Food were untraded on Monday, last quoted at 7.35 pence in London.
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