30th Aug 2019 18:18
(Alliance News) - Trafalgar Property Group PLC on Friday said it has secured a GBP380,000 loan from the wife of one of its largest shareholders.
Susan Johnson, the wife of Chris Johnson - who owns a 38% holding in the company - provided the loan which has an interest rate of five per cent per year and is repayable on February 28.
The financing will be used to pay the company's current loans on two properties on Burnside Close, London, Trafalgar said.
The company said it was initially seeking funding from a third-party source but was unable to do so, leaving a loan from Johnson as its only option.
Shares in Trafalgar closed flat at 0.17 pence each in London on Friday.
Related Shares:
Trafalgar Prop