Directors top-up working capital at The People's Operator

Ethics-focussed mobile virtual network operator, The People's Operator, confirmed it had received a total of £0.25m from two of its directors to meet working capital requirements on Tuesday.

The AIM-traded company said its non-executive chairman Michael Butler and non-executive director Juliet Rosenfeld had advanced £0.1m and £0.15m, respectively, to enable it to meet its “immediate” working capital requirements.

It said that represented the advance of their participation in the company’s fundraising that was announced on 7 December.

No interest would be payable on the interim funding, the board confirmed.

“As directors of the company, the advance of the interim funding by Michael Butler and Juliet Rosenfeld constitute related party transactions pursuant to AIM Rule 13,” the board said in its statement.

“The independent directors, being Sam Tillotson, Jimmy Wales and Julia Simpson, consider - having consulted with finnCap, the company's nominated adviser - that the terms of the related party transactions are fair and reasonable insofar as shareholders of the company are concerned.”