Last checked at 3 May 2016 08:00
Highway Capital plc
("Highway" or the "Company")
Loan to Company and investment
3 May 2016
Highway Capital announces that it has received aggregate loans of £102,000, including £14,000 from directors of the company.
£88,000 has been received from an institutional investor in the form of a two year loan attracting 5% interest per annum. In addition, £7,000 has been received from each of Maciej Szytko and Dariusz Zych, directors of the company, in the form of convertible loan notes which attract 5% interest per annum and are convertible into new ordinary shares in the company at a price of 10p per share.
The Company has invested £89,000 (500,000 Polish Zloty) by way of a two year loan attracting 8% interest to Mylux, a Cypriot SPV which is acquiring a 48% interest in Multipay. Multipay is a newly formed company looking to offer comprehensive payment services in Poland, including POS devices. Despite being an advanced economy, the payment infrastructure in Poland significantly lags other members of the EU and the founders of Multipay, who have extensive sector experience, believe there to be a significant opportunity as a result.