Imaging Biometrics Ltd (LSE:IBAI, OTCQB:IQAIF) has updated terms on its acquisition of Kirkstall shares from Truetide, which holds a 29.35% stake in the company.
Under a revised agreement, Truetide will write off loans owed by Kirkstall totalling £220,854. Of this, £28,500 was due to Truetide’s subsidiary, The Ridings Early Growth Investment Company.
These loans had already been written down to zero in Truetide’s March 2025 accounts due to Kirkstall’s losses. The write-off leaves Kirkstall with net assets of £71,000. It has reported £47,000 in revenue since April.