View more on these topics

Midas completes debt restructure

Midas Capital has announced the completion of the restructuring of its debt.

The investment firm announced a restructuring of its loan facilities with Bank of Scotland in May in a bid to deal with an “unsustainable” level of debt.

Midas revealed it owed Bank of Scotland £36.5m. Its funds under management and advice combined total £1.9bn.

Under the restructure, 12,242,594 new ordinary shares of 0.1p each have been issued to Bank of Scotland.

In a statement to the stock exchange in May, chairman Colin Rutherford said the board had become increasingly concerned about the firm’s debt in the face of the ongoing economic downturn. Assets under management have also fallen as Midas funds experienced redemptions.

He said: “The group’s current capital structure, and in particular its level of debt, is no longer sustainable.”

Recommended

Economic sentiment betters across Europe

Economic sentiment in Europe improved in June, but the level is still below the lows reached in the previous trough in 1992. The Economic Sentiment Indicator (ESI), published by the European Commission, increased by 3.2 points in the EU and by 3.1 points in the eurozone, to 71.1 and 73.3 respectively. The indicator is based […]

HMRC helping to remove artificial gains

An investment bond offers investors certain tax advantages, one of which is the ability to take partial surrenders from the investment. This facility allows the policyholder to withdraw amounts up to 5% of the amount invested each policy year on a tax deferred basis, without incurring any immediate tax liability. This tax deferred allowance can […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment