(Sharecast News) - Investment manager Kingswood Holdings has drawn down on its £3.15m convertible term loan with KPI in order to move ahead with new investments.
The AIM-listed group decided to drawdown on the remaining £3.15m available under its existing convertible term loan facility with KPI, owned by Kingswood Property Finance - a private investment partnership wholly owned by chief executive Gary Wilder and deputy chairman Jonathan Massing.
Kingswood said the drawdown would provide it with the additional funds to enable it to satisfy upcoming investment obligations and for general working capital purposes.
Elsewhere, Kingswood confirmed that a potential provider of substantial permanent growth capital had now concluded due diligence and was in advanced negotiations with the company in relation to the terms of a proposed investment.
If approved, the investment will allow Kingswood to pursue its pipeline of potential acquisition opportunities.
Lastly, Kingswood said it had continued to trade in line with expectations so far this year, with restructuring now largely complete, leaving it well-positioned for a "strong" second half of the year.
As of 0845 BST, Kingswood shares had slumped 6% to 7.52p.
Kingswood H. (KWG)7 May 2024 20:22
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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News: