LONDON (Alliance News) - Blue Star Capital PLC Thursday said it has agreed an extension to the repayment date of the loan it must repay to its lenders, which include Chief Executive Anthony Fabrizi.
Blue Star Capital, which invests in a number of sectors, including security, media, technology and gaming, said it has agreed to further extend the loan's repayment to March 31.
The original GBP400,000 loan, plus interest, had been due for repayment by March 31, 2012, until an agreement at the end of December 2013 pushed that date to last day of January.
On December 30, Blue Star said Fabrizi had agreed to convert GBP26,000 of what was owed to him by the company into shares.
At that time, the company said it had repaid GBP96,000 of the loan, leaving GBP85,292 outstanding.
According to Blue Star Capital, Independent Non-Executive Director Graham Parr has decided that the terms of the conversion of the loan are "fair and reasonable" to shareholders, after consulted the company's nominated adviser Daniel Stewart & Company PLC.
Blue Star Capital shares were Thursday quoted at 0.500 pence, untraded.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Blue Star (BLU)