Commercial property investment company McKay Securities-McKay Securities gets approach for a possible offer from Slate
Written by sidhanta
Written by sidhanta
Commercial property investment company McKay Securities said on Friday that it has received a request from Slate Asset Management for access to due diligence so it can consider making a possible offer for the business.
McKay said Slate has not provided the board with a written indicative proposal in relation to a possible offer, but has indicated verbally that it is considering making such a proposal.
"If any such proposal is provided by Slate, the board of McKay will carefully consider its terms, in conjunction with its advisers," it said.
The company said its directors continue to recommend unanimously to shareholders the offer by Workspace.
At 1010 BST, the shares were up 3.9% at 295p.The telecoms group for small businesses said it borrowed the money from private investors and existing shareholders at an interest rate of 10% a year.
The loans are due for repayment in January 2023 and can be converted to equity at any time.
If the loans are converted lenders will receive equity worth 125% of the loan amount converted with a 10% discount of the average of the two lowest average prices in the preceding 20 business days.
Stock market expected to open flat, with Tesla gaining ground