MAD
22/08/2014 16:00
GENERAL
REL: 1600 HRS Energy Mad Limited
GENERAL: MAD: Energy Mad secures AU$450,000 factoring facility
Media Release 22 August 2014
Energy Mad secures AU$450,000 factoring facility
Energy Mad has secured an AU$450,000 factoring facility from global debtor
finance provider Bibby Financial Services through the assignment to Bibby of
its Australian accounts receivable.
"The facility will allow Energy Mad to improve its working capital, and free
up management time to focus on growth initiatives for New Zealand and our
international markets" Energy Mad Chief Executive Paul Ravlich said.
The facility from Auckland based Bibby Financial Services NZ is for an
indefinite period (with a minimum term of one year), at an interest rate of
1% above Westpac Banking Corporation's Indicator Lending Rate (being a total
of 9.98% p.a. as at the date of this release) on the amount drawn down.
Energy Mad will also pay a fee of AU$2,833 per month for this facility
including full debtor ledger management and collections services.
ENDS
For More Information Contact:
Chris Mardon, Managing Director
(021) 041 2981
End CA:00254275 For:MAD Type:GENERAL Time:2014-08-22 16:00:09
