(Alliance News) - Carpetright PLC said on Monday its acquirer has provided an unsecured loan worth GBP9 million.
In November, Carpetright agreed to a takeover offer from Meditor, which valued the UK retailer at GBP15.2 million. Approximately 80% of shareholders at a meeting last week voted in favour of the resolution to approve the offer.
The floor coverings seller on Monday said Meditor has entered into a deed of forbearance and has provided an unsecured loan worth GBP9 million to enable Carpetright to replace overdraft facilities due for repayment next week.
In addition, all consents are in place to allow the release of GBP3.5 million from a blocked account for Carpetright's general corporate purposes.
The deed of forbearance, loan and release of GBP3.5 million were conditional on the takeover being approved by Carpetright shareholders before this coming Saturday.
Shares in Carpetright were up 0.2% at 4.93 pence in London on Monday.
By Lucy Heming; lucyheming@alliancenews.com
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