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(Alliance News) - Distribution Finance Capital Holdings PLC on Thursday said it has secured a waiver extension from its lenders with regards to its funding facilities.
In December, the lender said its senior, and senior mezzanine, facility lenders had granted waivers of an early amortisation provision in its funding facilities triggered by the departure of former Chief Executive Chris Dailey.
The waivers were granted subject to terms and conditions which included the appointment of a permanent chief executive, the obtaining of a banking licence, the continued performance of the loan book, and a continued review of the facilities during the first quarter of 2020.
In February, Distribution Finance said it hired current Chief Executive Carl D'Ammassa, adding that the bank licence process was ongoing.
The company said it has since been in talks with the lenders, with the aim of agreeing a permanent amendment to the facilities thereby removing the need for further waivers in the future. However, it said that due to the ongoing Covid-19 pandemic, it has requested a further waiver period until June 30.
Distribution Finance said the lenders have granted an extension of the current waiver, while discussions over the further waiver period to June 30 continue over the next few weeks.
The stock was trading 1.4% lower at 41.90 pence each on Thursday afternoon in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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