Progility creates up to £50m of loan stock

1st Jul 2014 12:52

Project management services group Progility has created up to £50m of redeemable loan stock which is expected to be listed on the Channel Island Stock Exchange.The loan stock, which will carry interest at a rate of 12% per annum, is intended to provide the group with a new way to raise funds to support its growth strategy.Executive Chairman Wanye Boss said: "Our objective is to build a substantially larger and more profitable business. "This new facility will provide us with a mechanism to access additional funding sources in pursuit of our growth strategy which we will employ as the occasion demands alongside the funding sources of equity and bank debt."The Loan Stock will be repayable in full on the fifth anniversary of issue but could be prepaid by Progility at any time without penalty.As of 13:10 the share price was unchanged at 5.5p.WS