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Further support for continued growth by EWMG

14th Aug 2013 07:00

RNS Number : 6160L
EW Group Limited
14 August 2013
 



For immediate release: 14 August 2013

EW GROUP LIMITED

("EW Group" or "the Company")

 

Further support for continued growth by European Wealth Management Group Plc ("EWMG")

 

 

The Company is pleased to announce that it has advanced a further £300,000 ("New Loan") to its investee company, EWMG, in which it holds a 49% stake, to support EWMG's continuing growth, which has continued in line with the trends set out in the Company's recent audited accounts.

 

The New Loan has been consolidated with two existing loans, outstanding to the Company from EWMG, into a new 364 day, unsecured loan with a total principal amount of £610,407.13 ("Consolidated Loan"). The total principal amount of outstanding loans to European Wealth is £1,937,750. The Consolidated Loan bears interest at 10%, payable monthly, and can be repaid early subject to minimum repayment amounts of £5,000.

 

The New Loan has been funded by an unsecured two year loan of £300,000 from a new investor, which bears interest at 10% payable annually.

 

Related Party Transaction

 

The entering into of the Consolidated Loan is a Related Party Transaction for the purposes of AIM Rule 13, and accordingly is conditional upon the approval of the independent directors of the Company ("Independent Directors").

 

Having consulted with Daniel Stewart & Company Plc, the Company's nominated adviser, the Independent Directors believe that the issue of the Consolidated Loan outlined above is fair and reasonable insofar as the Company's shareholders are concerned.

 

Further information please contact:

 

EW Group Limited

Paul Everitt: +44 (0)14 8173 2888

John Morton: +44 (0)203 008 8013

 

Daniel Stewart & Company Plc - Nominated Adviser and Broker

Antony Legge and James Thomas: +44 (0)20 7776 6550

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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