Sheffield's Zoo Digital extends loan
Sheffield’s Zoo Digital announces that it has agreed a loan extension provided to the Company by the wife of Dr. Stuart Green, Chief Executive Officer of the Company, as announced on 31 January 2013
This is to provide support for the expected growth of the business and as seasonal working capital cover.
The loan has been extended by up to £400,000, to a total of up to £600,000. The loan facility is expected to be drawn down in full in the current financial year, will now attract interest at a rate of 10 % per annum on outstanding balances from time to time and repayments are forecast to commence from April 2014.
The loan facility will remain secured on the assets of the Company. No fees are payable to Dr Green or his wife in respect of the Loan Facility, but the Company will recompense Dr Green for any reasonable costs incurred by him in the provision of the Loan Facility.
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