Skye, First Bank Take Over Evans Medical over loan default

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Evans Medical Plc on Friday announced a takeover of the company by its lenders, Skye Bank Plc and First Bank Plc due to a loan default.
Evans medical notified investors of the development, via the Nigerian Stock Exchange, revealing that a receiver manager has also been appointed and has taken over the assets of the Company.
The notice that partly read thus “Evans Medical PLC (“Evans Medical” or “the Company”) would like to announce that the Company’s Bankers (Skye Bank PLC and First Bank of Nigeria Limited) have served the Company with an Ex- parte order of the Federal High Court dated 4th July, 2017 granting them the right to take over the Company’s Assets used as collateral against facilities granted to the Company by the Bankers due to loan default.
“The Board of Evans Medical however has begun discussions with the two Lenders with a view to arriving at an amicable resolution of the matter and the discussions are progressing favorably and we are optimistic that a mutually beneficial workable arrangement will be arrived at between the banks and our Board as soon as possible in order to safeguard the Company’s properties and assets as well as protect the shareholders’ investments.
We shall keep you informed accordingly and we appreciate your understanding in this matter.”

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