Premier Veterinary Group said it entered into a secured loan of £3.9m with Bybrook Finance Solutions, a company controlled by director Rajan Uppal. The loan was repayable on 25 April 2019, with an option to extend the repayment date to 25 January 2021 by issuing warrants.
As part of the consideration for the loan, Premier had granted an exclusive, royalty-free licence in perpetuity to Bybrook for applications of its technology outside of Premier's area of strategic focus.
Interest of 1% per month was payable by Premier to Bybrook at the end of each calendar month.
At 9:42am: (LON:PVG) Premier Veterinary Group PLC share price was -7p at 35.5p