RegTech Open Project PLC (LSE:RTOP) said it has received £1.1 million of the £4 million unsecured loan agreed from founder Alessandro Zamboni but is working on completing a ‘set-off’ process to cancel out the remainder of the loan.
The company, which floated on London’s main market via a direct listing last August, looked to draw down the full amount of the loan and has so far received £1.046 million, accruing interest at 10% from Zamboni’s RegTech Open Project SpA.
Yesterday, the London-listed company received confirmation of the payments of another £100,000 from another Zamboni vehicle, AvantGarde Group SpA, on behalf of RegTech Italy, which was not the full £1.4 million that had been expected by the end of December as part of a loan drawdown notice.
Zamboni furthermore confirmed, the PLC directors said, that RegTech Italy would continue to make payments to the company ultimately to fulfil its obligations, but as the London-listed company has £3.56 million of payables to transfer to RegTech Italy, said it is “actively working with RegTech Italy to complete the set-off process” instead.
A net interest receivable of roughly £100,000 as at 31 December is expected to be deductible against the current principal loan amounts received.