The e-commerce group Zamaz PLC (LSE:ZAMZ) said an undrawn £15mln convertible loan note facility with Atlas Capital Markets had been terminated by mutual consent.
In the same announcement, it was confirmed that Atlas has also sold its entire stake in Zamaz – some 35.33mln shares – for 10.45p a share.
"The Atlas investment formed part of Zamaz's capital structure at the time of our direct listing,” said chairman Martin Groak.
“However, following our successful admission we believe that the next phase of growth, primarily through acquisition, will be better served using other forms of acquisition finance, including debt and equity security issues.”
Groak said he expects to be able to update the market shortly on the company’s next acquisition.