The Agency gets funding extension until after Easter

The Agency gets funding extension until after Easter
The Agency gets funding extension until after Easter

The Agency have again pushed back their debt repayment with their major funder Macquarie.

Earlier this week The Agency, set up in 2017 by a band of former McGrath agents, updated shareholders that they negotiated a two week extension on their debt repayment to their tier one funder.

It pushed the March 31 payment to April 9.

The Agency have negotiated a further extension, with the repayment date now pushed until after Easter, April 14.

"The Board will provide a further update to the market closer to the conclusion of the extension period", the ASX update advised.

The Agency's share price has dropped 20 per cent since the initial announcement, with shares now trading at ¢4, down from ¢5.

In their first debt payment extension notice, The Agency advised it had been in discussions with other credible debt providers regarding refinancing of its primary bank debt.

All non-commissioned staff at The Agency will see their hours cut, effective mid-April, given the reduced workloads due to the ongoing COVID-19 pandemic. 

 

 

 

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

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Financial Debt The Agency

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