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1. Information about Mobile Tornado’s AGM date and location
2. Details about an extension to preference shares redemption date
3. Information about the company’s current debt structure
4. Details about a related party transaction
This is sufficient information to create a factual news article. Let me proceed:
Mobile Tornado extends preference shares redemption date to end-2026
LONDON - Mobile Tornado Group plc (AIM:MBT), a provider of resource management mobile solutions, announced Wednesday it has agreed with creditor Holf Investments Ltd to extend the redemption date of its preference shares by one year to December 31, 2026.
The company currently owes Holf Investments £12.6 million, with £5.7 million in redeemable preference shares that were originally due for redemption on December 31, 2025. The remaining debt consists of £4.1 million in accrued preference share coupon and interest, £2.1 million in short-term borrowings, and £0.7 million in a current account representing primarily rent and service fees.
The extension will require amendments to Mobile Tornado’s articles of association and must receive shareholder approval at the upcoming annual general meeting scheduled for August 19, 2025, in Harrogate. The preference shares will continue to accrue interest at 10% per annum, with all other terms remaining unchanged.
As Holf is a substantial shareholder in Mobile Tornado, the transaction constitutes a related party transaction under AIM Rules. The company’s directors, excluding Luke Wilkinson who is the son of Holf’s owners, consulted with nominated adviser Allenby Capital Limited and determined the extension to be fair and reasonable for shareholders.
The company has made the AGM notice and proxy form available on its website, according to the press release statement.
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