Source - SMW
Recruitment industry software supplier Dillistone Group said it had entered £0.5m two-year bank loan facility with HSBC to support investment in its restructuring and to provide additional working capital.

The bank loan, repayable over its term with early repayment rights without penalty, bears interest at 3.25% over the Bank of England base rate, the company said.

The new loan ranked  ahead of the £400,000 8.15% convertible loan notes issued on 28 September 2017 for capital repayment.  Accordingly, the loan note holders, comprising various directors and other persons discharging managerial responsibilities as announced on 28 September 2017, had signed an agreement to postpone repayment of the loan notes until the bank loan had been repaid. 

Quarterly interest payments would  however continue to be made on the loan notes until repayment, the company added.
'The new loan ensures that we are well positioned to fund the restructuring without having to call on our shareholders.  We are excited by the potential for the business,' the company said. 

At 10:00am: (LON:DSG) Dillistone Group PLC share price was +1p at 35.5p

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