23rd Dec 2015 12:25
LONDON (Alliance News) - Vending machines company SnackTime PLC on Wednesday said the second tranche of its financial restructuring has been pushed back to December 31, following the completion of the first tranche on Thursday last week.
Tranche 2 of restructuring, which includes the raising of GBP575,000 in new equity and the conversion of loan and other creditor obligations into shares, was initially expected to be completed on or around December 24.
Earlier this month, SnackTime said it would issue 40.7 million shares to raise a total of GBP3.0 million to shore up its finances, of which GBP1.1 million would be raised thorough a subscription agreement.
The rest would be raised by the company converting loan notes and other credit balances in order to boost its balance sheet, while it has also reached an agreement with The Cooperative Bank to restructure its repayment schedule on its secured loan facility during 2016.
The subscription agreement involves the issue of a total of 20.0 million shares at 5.0 pence per share. Shares in the company are currently suspended and last traded at 8.00p.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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