(Sharecast News) - Live Company has secured additional funding, it announced on Thursday, via a loan of £0.25m from NatWest, under the UK government-backed Coronavirus Business Interruption Scheme.
The AIM-traded firm said the additional funding would be used to provide further working capital, and to continue the planned build programme for 2020.
It explained that it had entered into a loan agreement with NatWest, under which the loan of £0.25m was made available to the company, which confirmed it had drawn down the loan in full.
The loan would be repayable in 12 equal, monthly instalments, with the first instalment due 13 months after drawdown and the final due 24 months after drawdown.
Live Company said it could make additional repayments at any time.
No interest would be payable for the first 12 months following drawdown, after which interest, at a rate of 5.02% per annum over NatWest's base rate, would be charged.
Further to the company's announcement on 15 April, in line with the extension of the UK government's job retention scheme, Live Company said it had extended the furloughing of around half of its full-time employees until the end of June.
The firm said it also extended the 50% decrease in pay to include June, for all PAYE staff earning more than £2,500 per month.
As it had previously announced, Live Company intended to make up that decrease in pay for all staff, including directors and those who had been furloughed, via the issue of new shares.
"I believe that the Loan provides us with additional funding to allow us to emerge from lockdown on the front foot and to continue with our growth strategy.," said executive chairman David Ciclitira.
"While the current market conditions due to Covid-19 remain difficult, we are starting to see some of the countries in which we operate begin to emerge from lockdown with zoos, for example, in Germany now allowed to reopen and Prague Zoo already open."
At 1215 BST, shares in Live Company were up 6.67% at 12.8p.
Live Company (LVCG)3 Apr 2024 11:53
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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News: