Me Today has announced an extension of the repayment date for a loan with the TW Jarvis (No 1) Family Trust.
The repayment date has been extended from 30 June 2024 to 31 March 2025.
The company has been in discussions with BNZ and the Jarvis Trust regarding ongoing funding.
As a result, a variation agreement has been signed with the Jarvis Trust, further extending the repayment date to 30 June 2026, with a quarterly review from 1 July 2025.
BNZ has also agreed to continue supporting Me Today through term loan and overdraft facilities until 30 June 2026.
However, the agreement with the Jarvis Trust is still subject to approval from BNZ and either shareholder approval or a NZX waiver.
Me Today has also indicated its plans to undertake a capital raise in the first quarter of 2024.
More details about the capital raise and a broader restructure of the group will be provided to shareholders in advance of the meeting to approve the capital raise.
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