Imaginatik takes second loan from chairman Matt Cooper

Imaginatik has announced they’ve borrowed an extra $110,000 from their non-executive chairman Matt Cooper while they wait for funds from a handful of clients.

The company, which offers a range of consultancy and technology products, is also using the loan to cover minor delays in closing several renewal contracts.

The unsecured loan will be repaid as soon as Imaginatik receives those funds from clients.

It’s the second loan Cooper has made to the company – he previously loaned $250,000 in January for the same reasons.

Both loans have no fixed repayment date and the initial loan has still not been repaid.

The company’s stock has since dropped to 6.72p at 1136 BST - down 1.03p today.

It also follows the issue of options announced in December 2014 and his participation in the subscription announced in July 2015.