European Wealth enters into 12-month loan facility

European Wealth has entered into a £720,000 12-month loan facility at an interest rate of 10%.

The AIM-listed wealth management group said the full amount of the loan can be paid back at any time during the term at the discretion of the company without incurring any early repayment charges.

It will be used to provide adequate working capital in the near term and to ensure the group can meet its obligations as they fall due.

In its trading update on 10 February, the company noted that its loan note obligations fall due in June this year.

At 0805 GMT, the shares were down 5.3% to 45p.