10th Dec 2015 10:31
LONDON (Alliance News) - Investment company Tern PLC said Thursday that it is providing a further secured loan facility of GBP500,000 to its investee company Cryptosoft Ltd, to finance it whilst its cash flow grows.
Tern said that Cryptosoft is performing to plan, and recently closed a small sales opportunity valued at GBP26,000. However, it cautioned that larger contracts with multinationals take time to convert.
Interest on Tern's loan is payable at 5% on amounts drawn down, and is repayable at the end of 2016, or can be converted into new shares in Cryptosoft at any time.
Shares in Tern were down 22% at 12.82 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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