7digital group plc said friday that it has agreed to a 500000pound 562700 loan from magic investments sa a significant shareholder represented by director david lazarus the uk provider of music service said it will use the money for working capital and to repay a gbp50000 loan from chairman tamir koch who is stepping down from the role to focus more time on the development of emusic blockchain the company said it has appointed nonexecutive director mark foster as interim chairman while it looks for a permanent replacement mr koch will remain on the board as a nonexecutive director the loanwhich is payable by oct 1 2023carries interest at 5 a year payable quarterly magic investments owns 273 of the companys issued share capital according to factset