5th Jun 2007 16:49
Forbidden Technologies PLC05 June 2007 5 June 2007 Forbidden Technologies plc £1 million Loan Facility Further to the announcement by Forbidden Technologies plc (the "Company") of 22May 2007 in which it was noted that the Directors were considering a number ofpotential sources of funding including a possible director's loan, the Companyannounces that it has signed an agreement to secure unsecured loan facilitiesfrom its Chairman (Vic Steel) and CEO (Stephen Streater) of up to £1,000,000(one million pounds). In the event of a new share issue of £1,000,000 or more,the loan advanced by the Chairman of up to £100,000 would, at the option of theChairman, be convertible into shares on the same terms as the share issue. The loan is expected to provide working capital for the company for theforeseeable future, and to support the company to a break even or profitableposition, and as such the maximum facilities available for drawdown each monthare tapered over the next three years. No interest will accrue on the facilities until 30 November 2007 at which pointthe rate of interest payable will increase to 10% per annum for the twelve monthperiod to 30 November 2009 and by a further by 10% per annum until the loanfacilities are repaid in full. The facilities (or any part thereof) may berepaid at any time by the Company and will become immediately repayable ondemand upon the occurrence of standard events of default. Enquiries: Forbidden Technologies plc 020 8879 7245 Stephen Streater, Chief Executive Nominated Adviser - Bell Lawrie (a division of Brewin DolphinSecurities Limited) 0141 221 7733 Alan Stewart College Hill 020 7457 2020 Corinna Dorward/Adrian Duffield This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Blackbird PLC