16th Mar 2015 07:00
Turbo Power Systems Inc.("TPS" or the "Company")
Loan Extension
TPS, the innovative electrical machines and electronic systems provider, is pleased to announce that it has today agreed a one-year extension in the term of its existing loan agreement with TAO Sustainable Power Solutions (UK) Limited ("Tao") (the "Loan") which will now be repayable on 1 April 2017. No other terms of the Loan have been changed, which were previously notified in the Company's announcement of 17 December 2014.
Tao holds 89.4% of the issued share capital of the Company, and is therefore a related party for the purposes of the AIM Rules for Companies ("AIM Rules"). Accordingly, the entry into the agreement with Tao as set out above constitutes a related party transaction for the purpose of the AIM Rules.
The Company's independent directors consider, having consulted with finnCap Ltd, the Company's nominated adviser, that the terms of the transaction set out above are fair and reasonable insofar as the Company's shareholders are concerned.
For further information, please contact:
Turbo Power Systems Carlos Neves, CEO Charles Rendell, CFO | Tel: +44 (0)191 482 9200 |
finnCap (NOMAD, broker and financial advisor) Ed Frisby, James Thompson | Tel: +44 (0)20 7220 0500 |
Kreab (financial public relations) Robert Speed | Tel: +44 (0)20 7074 1800 |
Related Shares:
TPS.L