LONDON (ShareCast) - (ShareCast News) - Clear Leisure announced on Wednesday that it entered into an unsecured convertible loan facility agreement with Eufingest, a Swiss investor and major shareholder in the company.
The AIM-traded firm said under the Facility, Eufingest would provide €0.1m at an interest rate of 2.5% per annum.

It said the facility was repayable on 31 March, and the proceeds would be used for working capital purposes.

"The company may repay the facility early at any time without penalty," the board explained in a statement.

"At any time before 31 March, Eufingest may convert the outstanding balance of the facility into shares at the rate of 0.80p per share."

Including Wednesday's loan facility, the total of loans outstanding with Eufingest was now €1.27m, including interest, excluding any holding by Eufingest in the company's bonds.

"Eufingest, as the largest shareholder, remains fully supportive of the board's efforts to realise value from its investments."

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