Arena Events repays shareholder financing early
By Josh White
Date: Wednesday 21 Jul 2021
(Sharecast News) - Arena Events Group has agreed to repay and cancel the short-term financing facility with its significant shareholder Lombard Odier Investment Management (LOIM), it announced on Wednesday.
The AIM-traded firm said the decision would reduce its ongoing finance costs by about £0.4m on an annualised basis.
It said the principal amount drawn under the facility was £2.0m, which was due for repayment on 25 September, and was repaid in full on 20 July, along with £0.5m of compound interest.
"Repayment was made from the existing cash resources of the company, which totalled over £27m on 19 July," the board said in its statement.
At 1218 BST, shares in Arena Events Group were down 3.23% at 15p.
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