Arena Events repays shareholder financing early

Arena Events Group has agreed to repay and cancel the short-term financing facility with its significant shareholder Lombard Odier Investment Management (LOIM), it announced on Wednesday.

The AIM-traded firm said the decision would reduce its ongoing finance costs by about £0.4m on an annualised basis.

It said the principal amount drawn under the facility was £2.0m, which was due for repayment on 25 September, and was repaid in full on 20 July, along with £0.5m of compound interest.

“Repayment was made from the existing cash resources of the company, which totalled over £27m on 19 July,” the board said in its statement.

At 1218 BST, shares in Arena Events Group were down 3.23% at 15p.