- r4e, the transatlantic media and entertainment marketing company, has said it has made has made excellent progress since the start of the current financial year.

David Stoller, executive chairman of r4e, will tell shareholders at today's AGM: "After a long period of negotiations, the Board has agreed terms for the restructuring and reduction of the Group's borrowings, thereby allowing us the opportunity to establish a new much stronger financial base for the Company going forward.

"I can also confirm that trading for the first six months of 2015 has been in line with our expectations.

"Earlier this month, the Company announced the restructuring of the Group's £14.8m loan facility. The main elements of the agreement are that £5.2m of the loan will be converted into equity equal to 12.5% of the company's issued share capital and the balance will be refinanced which on current expectations should reduce interest costs by approximately 40%.

"This is a turning point for r4e, as once the refinancing is completed it will lift previous cash constraints and allow all three principal r4e businesses to focus on exploiting their leading positions in the growing markets in which they operate."

Story provided by