Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Arena Events Group (LON: ARE) announced on Wednesday that it has agreed with Lombard Odier Investment Management (LOIM) to repay and cancel the short-term financing facility.
LOIM, a significant shareholder in Arena Events Group, provided the short-term financing facility back in 2019.
Arena Events said the decision announced today will reduce its ongoing finance costs by approximately £0.4 million annually.
The principal amount drawn under the facility is £2 million, which was due for repayment on 25 September 2021 and was repaid in full on 20 July 2021, along with £0.5m of compound interest.
The company used existing cash resources to make the repayment. As of 19 July this year, its cash resources stood at £27 million.
Arena Events Group shares are down 1.85% at 15.2p so far on Wednesday.
Arena Events Group shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are Arena Events Group shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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