17th Apr 2020 13:29
(Alliance News) - Rockpool Acquisitions PLC on Friday said it has obtained a GBP50,000 secured loan facility from the pension fund of one of its directors, Mike Irvine.
The investment company said this 12-month facility, which bears an interest rate of 10% per annum, will enable Rockpool to meet its anticipated cash requirements for at least the next three months.
The company said the latest projections provided by the management of Greenview Gas Ltd and its subsidiaries show that, notwithstanding the effects that the Covid-19 epidemic are likely to have on its business, Greenview expects revenue to be strong in the current financial year and for the group to generate earnings before interest, tax, depreciation and amortization of in excess of GBP1.4 million in that period.
Rockpool invested GBP793,000 in Greenview in November 2017 and was waiting to acquire the business until Greenview completed its own acquisition of Central Heating Services Ltd.
Rockpool was also hoping to re-admit its shares to the official list of London's Main Market following the reverse takeover of Greenview. Shares in Rockpool are currently suspended but last closed at 9.00 pence each.
By Evelina Grecenko; [email protected]
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