LONDON (Alliance News) - New World Oil & Gas PLC on Tuesday said the second tranche of its loan to Big Sofa Ltd has been drawn down in full.
New World is buying data services company Big Sofa in a reverse takeover as it moves away from the oil and gas sector. As a precursor to the deal, New World agreed to provide Big Sofa with a short-term loan of up to GBP500,000, the first tranche of which was drawn down immediately in May.
New World added on Tuesday that Director Nicholas Lee has now been appointed as chairman of the company.
"The board is pleased with the progress that is being made by Big Sofa as regards current trading and the implementation of its strategic plan and can also confirm that the work with regard to its proposed acquisition by the company is progressing well," New World said in a statement.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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