LONDON (Thomson Financial) - Baydonhill Plc. said it has entered into a new
500,000-pound, 15-month loan facility with Ekwienox Ltd.'s Wallich & Matthes
Holdings B.V. unit, at an interest of 12 percent a year, plus an arrangement fee
of 12,500 pounds.
The financial services provider said the funding will enable it to
strengthen its general working capital facilities for the next 12 months.
The additional funding was required due to lower revenues from core
business, longer-than-expected development time for a new online payment
platform and unbudgeted one-off costs for website development and legal fees,
the company said.
On Aug. 23, 2007, Baydonhill entered into a 700,000-pound loan facility with
Ekwienox' Ekwienox FX Ltd. unit.
Since going live with its new online payment platform in November 2007,
Baydonhill said it has seen a steady increase in clients and revenues from its
corporate division, which it expects to continue over the next 12 months.
TFN.newsdesk@thomson.com
kal/jfr
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