Unfortunately for its shareholders, the OrotonGroup Limited (ASX: ORL) share price has sunk lower this morning despite the release of a positive update.
At the time of writing the retailer's shares are down 3% to $1.05.
What was in the update?
This morning Oroton advised that it has negotiated amendments to the terms of its $35 million facility agreement with Westpac Banking Corp (ASX: WBC) to allow for its continuing use.
Furthermore, the facility has been extended to October 2018 from April 2018.
In addition to this, the company has confirmed that it expects to deliver a full-year underlying EBITDA result in line with its previous guidance of between $2 million and $3 million.
Although this will no doubt come as a relief to shareholders considering the recent downgrade by Myer Holdings Ltd (ASX: MYR), judging by its share price decline today it seems some shareholders were expecting a stronger performance.
