Midas to hand 20% stake to Lloyds in debt swap

Bank of Scotland, part of the Lloyds Banking Group, has agreed to take just under a 20% stake in Mid...

Bank of Scotland, part of the Lloyds Banking Group, has agreed to take just under a 20% stake in Midas Capital after the fund manager was forced to renegotiate its £36.5m debt. Subject to shareholder approval, the restructuring will see £10.5m of the £36.5m owed to Bank of Scotland converted into ordinary shares and warrants in Midas, representing 19.99% of the company's issued ordinary share capital. A further £14m will be converted into cumulative redeemable preference shares and £12m will be put into a new senior debt facility. The preference shares and senior debt facility will ca...