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Eastern Hifi To Get Loan From Major Shareholder

Fuseworks Media
Fuseworks Media

Wellington, June 25 NZPA - Eastern Hi Fi Group Ltd has been granted a waiver by NZ Regulation to allow major shareholder James Urquhart to lend the company $800,000.

The NZAX-listed company did not raise all the money it was seeking in a rights offer.

The loan by Mr Urquhart needed a waiver because he is a related party and it is a material transaction.

The company said the money was urgently required as the company's bank had indicated it is unwilling to increase its advances.

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