Brady (BRY); enters into a £5.0m loan agreement with Hanover Acquisition

Published on 22-11-2019 08:23:05
Author Sparks Team

Brady Trading has agreed to meet the costs and expenses incurred by Hanover not exceeding £25,000. Such expenses to be paid by Brady Trading within 30 days of the date of the facility.

The full proceeds of the facility would meet the group’s current funding requirements to January 2020. Additionally, it will provide funding support to the group through the expected low point of its Q1 2020 working capital cycle in February 2020.

The facility is repayable immediately on demand by Hanover and is otherwise capable of repayment by Brady in full without penalty on three business days’ notice at any time. The facility will cease to be available if repayment and/or cancellation is demanded by Hanover or made by the company.

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