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Farm Pride admits to breaching loan agreement

Farm Pride admits to breaching loan agreement

Egg product manufacturer Farm Pride Foods (ASX:FRM) yesterday admitted to breaching one of its lending covenants.

The company said it has entered discussions with its bankers in relation to the breach, with the goal of drafting a new business finance agreement.

But Farm Pride assured investors that it is operating on a “business as usual” basis while the agreement is finalized.

FRM shares yesterday fell 2.44% to $0.20, and are trading at the same price today.

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