LONDON (Alliance News) - Imaginatik PLC on Wednesday said that Chairman Matt Cooper has agreed to lend it USD110,000 for its short term working capital requirements as it awaits funds from "certain clients" and to cover "minor delays" in closing out several renewal contracts.
In a statement, the self-styled "full-service innovation firm", which provides consultancy and technology products, said the loan is not secured on its assets. Interest will be charged at 10% per annum, and the loan can be drawn down in one tranche. The loan must be repaid in full with interest when the company receives the funds from the clients it mentioned.
It is not the first time Cooper has lent money to Imaginatik, which borrowed USD250,000 from him in January.
January's loan also was made to support Imaginatik's short-term working capital requirement, and Imaginatik at the time also cited "receipt of funds due from certain clients and to cover minor delays in closing out several new contracts".
Cooper owns about 27% of Imaginatik's shares.
"The independent directors (being Ralph Welborn, Shawn Taylor and Simon Charles) consider, having consulted with the company's nominated adviser, finnCap Ltd, that the terms of the loan are fair and reasonable insofar as its shareholders are concerned," Imaginatik said in a statement.
Shares in Imaginatik were down 9.7% at 7.00 pence on Wednesday morning in London.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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