He transferred 350,000 WANdisco shares at 320p to investment firm Equities First in return for a three-year loan. Sources said the loan was continuing, despite the share suspension that makes it impossible to value Richards’ collateral. He owns 1,836,867 shares, a 2.7 per cent stake.
So, are the shares just partial security? Or is the loan non-recourse – that is, they can’t ask for more security than they’ve already got?
That second would be very weird but I seem to recall something about them doing that indeed very weird thing before.
On the other hand, if he’s already spent the money then he’s bust, inne?