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Western & Oriental agrees revised loan terms

By BFN News | 03:46 PM | Tuesday 21 December, 2010

Western & Oriental shareholder Rajinder Kumar has agreed revised terms for the remainder of the £0.8m he agreed to provide by 30 December. Kumar was appointed a director on 30 November and £150,000 has already been loaned to the company. The remaining £650,000 will be loaned immediately in the form of an interest free loan while the term of the loan will be reduced to a period ending on 31 January 2011. The company will have the option to repay the funds in cash or in the form of new shares issued at 1.2p apiece. Story provided by