Speymill, the struggling AIM-listed property fund manager, said this morning it had obtained interim financing from a £3.3m loan facility set up by founder Jim Mellon.
On Monday Speymill suspended trading in its shares pending clarification of its financial position.
The company said the worsening macroeconomic environment had hit its construction business and there would now be a significant full-year loss before tax and exceptional items.
Today Speymill said it has obtained interim financing via a committed loan facility of £3.3m from Speymill directors Jim Mellon and Bob MacDonald.
The term of the loan is 18 months and the interest rate is 12% pa, with a facility fee of 3% which will be added to the principal amount.
Speymill said it was under no obligation to repay the loan before the end of the term and the interest shall accrue until it is repaid. It added that the loan was secured and would be available for drawdown in three equal instalments with the first two instalments being drawn down on 29 January 2009 and 5 February 2009.
Financier Mellon has committed £3m and Bob MacDonald has committed £300,000.
Speymill manages two AIM-listed overseas property funds, Speymill Deutsche and Speymill Macau, and also runs an asset management company and a retirement village joint venture.
