Imjack secures loans to keep it trading

The Leeds-based company, formerly known as Amteus, suffered a blow earlier this year when the coalition Government withdrew matched funding.

One of its directors, Jeffrey Morris, has lent the company 30,000 at an annual interest rate of the Bank of England base rate plus three per cent to meet working capital needs.

"The company's independent director considers, having consulted with the company's nominated adviser, Daniel Stewart, that the terms of the Morris Loan are fair and reasonable so far as the company's shareholders are concerned," said the group.

Imjack has also received a 50,000 loan from an unnamed third party on the same terms. The loans are secured on the company's unencumbered assets including the company's intellectual property.