Thank you mr Shrimpton. He is pulling out all stops to keep the company afloat. Taken half the pay of Cummins and now using his own entity to provide finance under the same terms (although I am sure he snapped it up at a discount).
This is a positive announcement as it shows that the company's main shareholder is doing everything in their power to get the company back on their feet.
Although the terms of the finance are the same, I like the fact that the loan is under the same terms to a related party.
I hope that this and other calculations behind the scenes is setting this company for a more positive tone in the upcoming announcement.
There are pro's and con's with having a shareholder that owns such a large chunk of the company, definitely a pro when things go south.
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