(Alliance News) - Mothercare PLC on Thursday confirmed it has entered into a definitive agreement in relation to the provision of convertible unsecured loans.
Last week, the mother and baby products retailer said it agreed for the provision of a GBP5.5 million tranche of unsecured convertible loan notes.
Shareholder loans are convertible into ordinary shares in the company at the option of the relevant shareholder.
The company said it has drawn down the 2019 shareholder loans in full and expects to receive the GBP5.5 million made available on Friday.
The stock closed down 1.2% at 12.15 pence in London on Thursday.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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Mothercare (MTC)