Graft Polymer (UK) PLC (LSE:GPL) has appointed a new chair alongside a new £100,000 working capital loan, as the company seeks to review “its future direction”.
Nicholas Nelson today joins the company and becomes its new chair, with Roby Zomer stepping down from his position as chair (he will remain as a consultant to the company).
Non-executive director Alex Brooks has also left the company.
Nelson is providing the £100,000 loan alongside another private individual. The loan carries interest at 10%, and, whilst the company noted that it is “technically repayable on demand” it is mutually agreed in writing that the loan balance can be converted into new shares in the company – at a price and time agreed between the lenders and the company.
In a stock market statement, the company said its cash position has become extremely constrained thus necessitating the need for the loan, which allows it to continue to trade and will permit the company's audit for the year ended 31 December 2023 to be completed.
The company has appointed Allenby Capital as joint broker to the company.
"We thank Nicholas and the other lender for providing us with interim working capital. Nicholas's priority as the incoming chair is to establish sources of additional funding whilst working with the board to consider the best future for Graft Polymer,” exiting chair Roby Zomer said in a statement.