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Midas delays loan restructure

AIM-listed asset manager Midas Capital has reached an agreement with its bank for a waiver of its loan covenants until April 30 to give it time to restructure its borrowing arrangements.

In a market update issued today, the firm confirmed it still enjoys the full support of the bank.

On January 21, Midas shares fell by over 60 per cent, with the firm warning that it was in talks with its bankers with a view to restructuring borrowing arrangements.

As at 1.45pm today, Midas Capital traded at 20.00, 90 per cent above the 52 week low of 10.50 set on January 21.

The firm said discussions continue with interested parties over strategic options to strengthen the balance sheet.

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