22nd Dec 2005 15:49
ARC Risk Management Group PLC22 December 2005 ARC Risk Management Group plc Issue of Loan Notes ARC Risk Management Group Plc ("the Company") has completed a fundraising toraise £275,000 through the issue of unsecured loan notes of £1 each. The loannotes will carry interest at 12% per annum and are repayable, together with theaccumulated interest, on 30th September 2006. The Company has the option ofearly repayment. The holders of the loan notes will receive warrants, which areexercisable at any time until 30th June 2007, to subscribe for 100 ordinaryshares at 1p each for every £1 loan note. Sidebell Limited, which currently holds 53,692,500 ordinary shares in theCompany, representing 17.71% of the issued ordinary share capital, willsubscribe for £200,000 of loan notes. That transaction is classed as a relatedparty transaction under the AIM Rules and the independent directors, havingconsulted with the Company's nominated adviser, consider that the terms of thetransaction are fair and reasonable insofar as its shareholders are concerned.Simon Richards, the executive chairman of the Company, who is also a director ofSidebell Limited, and John Mocatta, a non-executive director of the Company,will each subscribe for £5,000 of loan notes. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
REDT.L