Emmerson PLC (AIM:EML) has drawn down the first tranche of funding from its $11 million Capital Provision Agreement, securing cash for both litigation and working capital.
As part of the deal, the company and its UK and Moroccan subsidiaries have granted security over their assets to the funding counterparty. This is standard for litigation finance and won’t be enforced as long as Emmerson meets its obligations.
The funds will cover all legal costs to date and support the next phase of the dispute process. Preparations are already underway, with further updates expected soon.