31st Aug 2018 12:02
LONDON (Alliance News) - Trafalgar Property Group PLC on Friday said its chief executive has agreed to extend the repayment date of loan he made to the company to the end of September next year and has waived GBP200,000 in interest payments.
At the end of June 2013, the property development company's subsidiary entered into the loan agreement with Chief Executive Chris Johnson. Under the deal, Johnson is entitled to receive interest of 5% per annum.
Trafalgar Property said the outstanding loan balance currently stands at GBP2.2 million and was repayable by the end of August.
Looking ahead, the company said it will make repayments or additional drawings periodically, depending on its working capital requirements. Johnson has confirmed he will continue to support the company's working capital requirements as needed.
Trafalgar Property shares were untraded on Friday, last quoted at 0.85 pence each.
Related Shares:
Trafalgar Prop