RE: It's building....24 Jan 2020 19:49
One thing I do not understand:-
On 29 November 2019 the Company announced it had entered into an agreement with a private lender, Brian McMaster, regarding a non-convertible £100,000 loan (the "November 2019 Loan"). The November 2019 Loan carries a fixed coupon rate of 20% per annum and must be repaid on or before 25 February 2020. Brian McMaster has agreed to subscribe for 750,000,000 Placing Shares, representing a cash subscription of £300,000 as part of the Placing on the assumption that the Company will repay the £120,000 that he is owed pursuant to the terms of the November 2019 Loan on or before 25 February 2020.
BUT surely 20% per annum is only £5K for 3 months???? OR am I missing something???