All Points North thrown lifeline

STRUGGLING property company All Points North has announced that it has managed to gain a short-term renewal of its loans with Clydesdale Bank until September 30.

The AIM-listed company’s shares were suspended on March 16 after it was warned by Clydesdale that it may not renew a facility which was due to expire on April 30.

Penrith-based All Points North had said it has been trying to sell off properties in order to pay down debt, but the current state of the market had meant this had proved difficult.

The firm announced today that it has been given a six-month extension to its loan deadline and said it “continues to look at its options” to repay the facility.

However, it said that the ongoing uncertainty of its position meant its shares would remain suspended.