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Directa Plus PLC - London-based graphene product manufacturer - Enters EUR1.0 million loan agreement with Nant Capital LLC. The funding will be used to complete the final payment for the acquisition of Setcar SA. In February, Director Plus agreed to buy further 49% stake in Setcar, the group's environmental services subsidiary, for EUR1.5 million. This took Directa Plus's holding to just under 100%.
Nant is owned by Patrick Soon-Shiong, and together with Soon-Shiong it holds 28.73% of the share capital of Directa Plus.
The loan will accrue interest at a rate of 7% per annum and the balance, plus any interest accrued, is repayable at any point before the end of 2024.
Founder & Chief Executive Giulio Cesareo: "The board is delighted to have received the support of our major shareholder, Nant Capital, in funding the second tranche of the Setcar acquisition. This is a very exciting opportunity for Directa Plus and will enable us to further capitalise upon the significant opportunities in our growing Environmental Remediation division and to capture greater value."
Current stock price: 19.31 pence
12-month change: down 76%
By Sophie Rose, Alliance News senior reporter
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