Still got till 1st Sept to pay back £1.5mil :
The Easdale Facility and the Laxey Facility (together the "Facilities") are both secured against the Company's Edmiston House and Albion car park properties. The principal amounts of the Facilities are repayable no later than 1 September 2014 from a variety of potential sources.
Laxey has, pursuant to an agreement entered into today, transferred all rights and obligations in relation to the Laxey Facility to Mr George Letham including all its rights in relation to the standard security granted as security for the Laxey Facility. Mr Letham is a shareholder in the Company and a lifelong Rangers fan.
The Laxey Facility, now transferred by Laxey to Mr George Letham, remains subject to the same terms and conditions with the exception that the premium payment has been reduced to £45,000 and remains payable in shares or cash.
Will Letham want his wonga?