Syndicate compensates former directors; Repays £9.4m loans

Scott Sinclair

Syndicate Asset Management has agreed to pay compensation to three directors of its subsidiaries after settling an employment dispute.

The company will pay a total of £65,000 to directors of Rowan & Co Capital Management and Savoy Investment Management, although a fourth claim, which Syndicate says it will "defend rigorously", remains outstanding. Meanwhile, directors of Syndicate today announced it has made a series of repayments on loans and loan notes totalling about £9.4m, saving the company almost £1.5m and giving it an unaudited free cash position of about £2.5m. It has paid all the outstanding loan notes, which had a face value of £6.9m, and accrued interest relating to its 2007 acquisition of EPIC Investment ...

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