(Alliance News) - Verditek PLC on Friday said it has fully repaid the USD600,000 loan secured from Non-Executive Director Gavin Mayhew.
The clean technology investment firm stated it has repaid the USD600,000 borrowed in March 2019 as well as accrued interest of USD206,857, adding that the floating charge over the company's assets will now be removed.
In March 2019, Verditek said Mayhew provided the loan for an initial three months with the option to extend to six months at the discretion of the firm. The loan had a 20% per year interest rate on the loan principal. At the time, Verditek did not disclose what the cash would be used to fund.
Shares in Verditek were trading 3.5% higher at 8.80 pence each Friday midday in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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