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LONDON (Alliance News) - Dillistone Group PLC on Thursday said it entered into a GBP500,000 two-year bank loan facility with HSBC Holdings PLC to invest in its restructuring programme and for additional working capital purposes.
The recruitment software supplier said the bank loan bears interest at 3.25%, and has an option of early repayment without penalty.
Simultaneously, the AIM-listed company said the loan note holders have agreed to postpone repayment of the GBP400,000 8.15% convertible loan notes, issued in September 2017, until the bank loan has been repaid. Quarterly interest payments will however continue to be made on the loan notes until repayment, Dillistone noted.
"The merging of our London team into the newly enlarged Basingstoke office will allow us to deliver a better service to our clients and a better return to our investors," said Chief Executive Jason Starr.
"The new loan ensures that we are well positioned to fund the restructuring without having to call on our shareholders. We are excited by the potential for the business," added Starr.
Dillistone shares were untraded on Thursday, last quoted at 33.00 pence each.
