Shares in eEnergy PLC (AIM:EAAS), the AIM-listed energy efficiency installer, fell 12% in early trading on Friday after the company disclosed a new short-term loan and an extension to existing debt.
eEnergy said it was experiencing delays in receiving about £3.2 million owed for completed work on its 65-site Mace project, due to outstanding paperwork, principally around solar photovoltaic installations.
To support working capital, the company agreed to extend repayment of the remaining £500,000 of its February 2026 secured loan from Harwood Holdco from 30 November 2026 to 28 February 2027.
eEnergy also secured £500,000 of new funding from Nigel Burton, a former director and current shareholder, on the same repayment terms.
Both loans carry interest of 1% a month, payable on repayment, alongside a 1% arrangement fee due on the new loan.
The new loan is classified as a related party transaction under AIM Rule 13, as Burton served as a director within the past 12 months.