View more on these topics

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.

Recommended

Regional accent

The recent spate of oil “strikes” protesting about foreign workers over British labour are a sign of just how difficult the economic situation has become. That tendency towards domestic protectionism has been fired up by the state of the UK economy and fear of what the future holds.

Plan for recovery

At a dinner party last weekend, the topic of conversation turned towards the economic woes. The majority of the people around the table were not from financial services and working for a fund management company so I was inevitably asked my view of the equity markets.

IFAs caught up in an exam turf war

My nephew Ben started at university last October. The place he is at now was not his first choice but he missed out by one A-level grade.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com