GAM repays Liontrust loan in full
investmentweek.co.ukLast month, GAM entered an agreement with NewGAMe and Rock Investment to extend immediate short-term financing of £18m.
In a stock exchange notice today (5 September), the UK asset manager, which has narrowly avoided demotion from the FTSE 250, confirmed GAM has repaid the £8.9m plus interest owed from its tranche 1 facility and has since been cancelled.
The firm was also provided a tranche 2 facility of £8.9m, which was not drawn, and has since also been cancelled.
GAM given 30 days to repay Liontrust loan
«As a result, there is no outstanding indebtedness between Liontrust and GAM, and Liontrust's financial support of GAM has ended,» the statement read.
Following the termination of the takeover bid, GAM entered an agreement with NewGAMe and Rock Investment to extend immediate short-term financing of £18m, replacing the loan arrangement from Liontrust.
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