Chief executive of Prime Active Capital resigns
PRIME Active Capital, a small Dublin-listed investment company, says chief executive Peter Lynch has resigned after seven years as the company seeks to refinance a loan.
Prime Active Capital said it was in talks with principal lender Mosaic Print Management about a one-year secured loan of €1m made last May. Mosaic Print Management is owned by Anthony Gill and Steve Smith. Mr Gill is the largest shareholder in Prime Active with a 22pc shareholdering.
The company said "it is not considered likely that any other facilities will be available to the group to refinance the Mosaic loan facility prior to its current maturity date". Prime Active is also looking at selling more than 50 stores to repay the debt as well as a payment to shareholders. "The directors now expect a further period will be required in which to advance the disposal process," the company said.