APA shareholder to raise shares to pay off loan
APA Financial Services’ shareholder, QTI Managed Funds, will raise $300,000 worth of shares from its investors for the financial services company to pay off a loan with OneVue. APA owes $260,000 with OneVue.
APA will issue almost six million shares at 1.5 cents per share to QTI to partly pay off $85,800 of the QTI raising.
QTI will take a fixed and floating charge over APA's assets, which will become a first ranking loan after the existing OneVue loan has been repaid. The managing director of QTI, Michael Hackett, will be appointed as a director of APA following the raising.
The loan was meant to be repaid via an offer among its shareholders in late February, including selling part or all of APA’s holding in its controlled entity, Australian Portfolio Administrators. The sale was on condition of shareholder approval before April 30.
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