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Brady inks £3mln loan agreement with two largest shareholders

The loan will provide enough cash to support the company until the end of January and past the first deadline for shareholders to accept a takeover offer from investment house Hanover

Brady PLC - Brady inks £3mln loan agreement with two largest shareholders
Coltrane Master Fund and Kestrel Opportunities collectively own 47.2% of the company

Brady PLC (LON:BRY) has secured a £3mln loan agreement with its two largest shareholders, Coltrane Master Fund and Kestrel Opportunities.

The risk management software firm said the funds will be used to repay a previous loan from investment house Hanover, which wants to take the company private with an £8.3mln cash offer, announced in mid-October.

READ: Brady signs loan agreement with investment house Hanover

Brady added that the loan will also provide enough cash to support its working capital requirements until the end of January next year, after the first deadline for shareholders to accept Hanover’s offer.

However, if the offer lapsed, the company said it was “free to arrange additional funding” to support itself beyond January when it will implement a strategic product plan to secure its long-term future.

The news sent Brady’s shares 11.9% higher to 11.8p in mid-morning trading on Thursday. 

Quick facts: Brady PLC

Price: 17.7 GBX

AIM:BRY
Market: AIM
Market Cap: £14.76 m
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