LONDON (Thomson Financial) - Westcity Plc. said it has secured a 2 million
pound loan from its largest shareholder -- Chapman International Investment Ltd.
-- available over a two-year period at 2.5 percent over the London Interbank
Offered Rate.
Westcity said it will grant Chapman a charge over 5 million units in its
Stonehage Westcity Property Fund as security for the loan.
The company said the loan was taken as a buffer for its working capital
needs against an imminent cash outflow of about 3 million pounds, due June 9,
when certain foreign exchange losses become payable.
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