Koovs seeking permission to issue up to £18.9m in convertible loan notes

India-focussed fashion e-commerce business Koovs issued a short update to the market on Wednesday morning, announcing today that it will be seeking a renewal of permission for the issue of up to £18.9m of convertible loan notes.

The AIM-traded firm said that, in addition to the £8.9m which was previously received, it remained in “advanced negotiations” to secure a term sheet from an investor committing to invest via the issue of convertible loan notes.

“The company remains confident of delivering this further tranche of convertible loan notes and expects to announce the successful conclusion of this additional funding in due course,” the board said in its brief statement.