- Financial service group TruFin said it had agreed to reschedule a loan repayment owed to the company by related party Distribution Finance Capital.

The loan's terms had included a 5% interest rate per year, with £5m repayable by 1 December 2019, £5m repayable by 1 June 2020 and £8.9m repayable by 1 December 2020, together with any accrued but unpaid interest.

DFC had repaid the first two instalments on 1 December 2019 and 1 June 2020.

The rescheduling of the third and final repayment allowed DFC to make phased payments from 1 January 2021 over nine equal interest-bearing instalments, such that the loan would be repaid in full by September 2021.

In consideration for extending the term of the Loan, the interest rate had risen to 10% per annum up to and including 31 December 2020, rising to 12% from 1 January 2021.

A transaction fee of £180k was payable to TruFin on final repayment of the loan.

At 2:07pm: [LON:TRU] Trufin Plc Ord Npv share price was 0p at 24p

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