(Alliance News) - Global Ports Holding PLC said Thursday it has decided to not to exercise its option to convert its EUR10 million loan note in travel agency Dreamlines GmbH.
The senior, secured loan is repayable by Dreamlines in quarterly instalments between February 2020 and May 2021, and is secured over some of the agency's bank accounts, receivables and intellectual property.
In June 2018, the cruise port operator said it would invest up to EUR13.0 million in Dreamlines in the form of a convertible loan note. Dreamlines also raised EUR45.0 million in series E funding led by Princeville Global.
The total funds raised were to go towards further international growth of Dreamlines and to complete the acquisition of travel agent Cruise 1st.
Shares in Global Ports Holding remained flat at 350.00 pence on Thursday.
Global Ports (GPH)