(Alliance News) - Graft Polymer (UK) PLC announced on Friday significant changes to the board as well as a new working capital loan facility.
Shares in Graft Polymer were down 52.4% to 0.25 pence in London at market close on Friday.
The London-based developer and producer of polymer modification and drug delivery systems has appointed Nicholas Nelson as non-executive chairman after the resignations of his predecessor Roby Zomer and Non-Executive Director Alex Brooks.
Alongside another private individual, Nelson has provided the company with a GBP100,000 loan which is intended to be drawn down in full against expenses incurred by the company, attracting an interest rate of 10% per month.
In recent months the Graft Polymer's cash position has been constrained, the company said, following "difficult trading conditions" which it attributes to the ongoing conflicts in the Middle East, Ukraine and the Red Sea.
Nelson and Graft Polymer have mutually agreed in writing to convert all or any part of the outstanding balance of the loan, including interest, in the form of new ordinary shares issued by the company at a price and time agreed between the two parties.
By Elijah Dale, Alliance News reporter
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Graft Polymer (GPL)