Kropz PLC on Monday said it has drawn down R 40.0 million, a fourth request under its R 550.0 million convertible equity facility with its largest shareholder ARC Fund.

Shares in Kropz were down 6.9% to 3.21 pence each in London on Monday at around midday.

The African phosphate producer and developer said the drawdown from the facility, which was announced in mid-November, left R 7.5 million available for future drawdown.

The latest drawdown is expected to be made on or around March 23, in line with the terms under the facility.

Kropz said ARC Fund has the right at any time to convert any outstanding amount under the facility into new shares in the company.

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