Asiasons eyes $25m convertible loan facility from directors

BATTERED investment firm Asiasons Capital plans to take a $25 million convertible loan facility from two of its key directors as a source of standby capital, it was announced yesterday.

Draw-downs on the four-year facility will incur annual interest of 6 per cent.

The lenders - co-founders and co-managing directors Ng Teck Wah and Jared Lim Chih Li - may choose to be repaid upon maturity in shares at 25 cents apiece, or a 58 per cent premium to Asiasons' Tuesday close of 15.8 cents. The stock ended at 15.5 cents yesterday.