Newick Convertible Loan - Update

30 January 2014

Embargoed for 10.00am

Verdes Management PLC

Newick Convertible Loan - Update



Verdes Management PLC

 ("Verdes" or the "Company")

Newick Convertible Loan - Update

The Company updates the market in respect of the Newick Convertible Loan following the previous announcement of 24 January 2014.

Despite further discussions with Newick's representatives during the course of this week, Newick's obligations under the convertible loan agreement ("Newick Convertible Loan Agreement") of 4 October 2013 (as amended on 13 December 2013) between Newick Developments Limited ("Newick") and the Company remain unmet. As such, both an amount of £125,000 (which was due on 20 December 2013), and the balance of £375,000 (which was due on 22 January 2014) remain outstanding.

As announced on 26 November 2013, the Company entered into a convertible loan agreement with RAB Capital Limited, of which £155,000 has been drawn down to date. In the event that the £500,000 due from Newick above has not been both paid over to Verdes and converted in Verdes shares by 15 February 2014, then the balance of the RAB Convertible Loan will become immediately due and repayable. Without the receipt of the funds from Newick (and conversion into ordinary shares in Verdes) by 15 February 2014 this amount will fall payable, and the Company currently does not have sufficient funds to meet this obligation.

As a result the Company has today requested that the Company's shares are suspended from trading on AIM pending clarification of the above issue.

For further information please contact:

Verdes Management PLC

Daan van den Noort - Chairman 00 31 6 10 89 65 81

SPARK Advisory Partners Limited (Nominated Adviser)

Neil Baldwin 0113 370 8974

ENDS