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Dekel Agri-Vision - West Africa agricultural company - Secures fixed interest rate for euro-dominated loan at 7%. This related to a loan repayment of EUR3.6 million made to shareholder AgDevCo Ltd in August last year. Says loan facility's rate was once variable and would have hit 9% cap otherwise. Says principal repayments will be made pro-rata from August 2024 to August 2027.
Executive director Lincoln Moore says: "All our debt obligations are now fixed which positions us well to manage interest expense obligations whilst we commence our strategy to decrease our debt levels in 2023 and beyond from the positive cashflow being generated from the palm oil operation and also from the cashew operation as it ramps up production. We also look forward to continuing our excellent ongoing partnership with AgDevCo."
Current stock price: 3.10 pence, trading flat on Friday
12-month change: down 7.5%
By Sabrina Penty, Alliance News reporter
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