Following shareholder approval at its annual general meeting (AGM), The Agency Group has finalised its funding package for Peters Investments Pty Ltd, as well as made arrangements as to its loan agreement.
REB reported on the outcome of that meeting here.
As well as having the effect of lifting the voluntary suspension of the company’s securities, a statement to the ASX confirmed that The Agency Group has now issued $5 million worth – or 5,000,000 – convertible notes to Peters Investments as put forward in the Peters Proposal.
The company also said it was pleased to advise it had executed an amendment deed to its loan agreement with Macquarie Bank Limited – applying $3.72 million of the funds received for the issue of the convertible notes towards reducing its finance facility to $5 million.
A revised repayment date for the remaining finance facility has also been set for three years’ time.
The Agency Group has also been able to fully repay a $750,000 loan that was provided by Kalonda Pty Ltd as trustee for the Leibowitz Superannuation Fund.
The confirmation comes after Magnolia Equities III founder, Mitchell Atkins, had argued “there are real questions whether the Peters Proposal has been adopted validly” in response to The Agency’s pushing ahead with the resolutions.
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Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.