Rectifier directors agree to freeze loan interest
- 17 May, 2010 16:19
Electronics manufacturer Rectifier Technologies (ASX:RFT) has announced that its directors have agreed to stop charging interest on loans given to the company for the next two years.
The directors, Ray Shaw, Malcolm Duncan, Tino Vescovi and Ying Ming Wang, have also agreed not to call on the repayment of the loans until they have the mutual agreement of the company regarding timing.
The loans were made in 2006 and 2007, and were initially payable on demand.
Rectifier is in the process of arranging an EGM to vote on a proposed $150,000 investment from Pudu Investment (Australia). The concessions were made in association with the proposed deal.