Dicker Data secures $20 million from Macquarie Bank
- 13 February, 2013 09:48
Dicker Data has secured an agreement with Macquarie Bank for a new $20 million inventory purchase finance facility.
Under the agreement, the facility enables Dicker to purchase inventory from HP, which is its largest vendor. The arrangement was reached after a comprehensive review and analysis of Dicker’s requirements and to help raise additional working capital.
It will also enable Dicker to achieve greater flexibility in inventory purchases, including the opportunity to take greater advantage of early settlement discounts and complements the trade credit facility available to Dicker from HP.
It will also help fund future growth in Dicker’s revenues and inventories as well as return a significant portion of all generated profits to shareholders in accordance with the dividend policy.
According to the statement on the ASX, the facility may also be extended to include purchases from Dicker’s other vendors down the track.
At the time of publication, Dicker’s shares were trading at $0.84, a significant increase from its opening price of $0.21 in January 2011.
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