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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.”

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