5th Feb 2013 12:24
Plethora Solutions Holdings PLC
("Plethora" or the "Company")
Related Party Transaction
Plethora announces that on 11 December 2012, it entered a loan agreement with Jim Mellon, a non-executive director of the Company, to assist with its short term working capital requirements. The £200,000 loan is unsecured, repayable on demand, having an interest at a rate 10% per annum and carries a redemption premium of 33% on issuance increasing over time to 100% at 12 months (the "Loan").
The Loan falls to be treated as a related party transaction pursuant to the AIM Rules. William Robinson, Ronald Openshaw, Michael Wyllie and Richard Horsman being the Independent Directors, (Jim Mellon being deemed conflicted owing to his interest in the Loan) consider, having consulted with Daniel Stewart & Company (the Company's Nominated Adviser), that the terms of the Loan are fair and reasonable insofar as the shareholders of the Company are concerned.
The Company directs shareholders to the announcement made earlier today, and restates that it is still in urgent discussions with third parties regarding a financing to enable the Company to meet its immediate working capital needs.
-Ends-
Enquiries:
Plethora Solutions Ronald Openshaw, CEO
| Tel : +44(0) 20 3077 5400 |
Daniel Stewart (Nomad & Joint Broker) David Hart / James Felix (Nomad) Martin Lampshire (Broker)
| Tel : +44(0) 20 7776 6550
|
Hybridan LLP (Joint Broker) Claire Louise Noyce/ Deepak Reddy | Tel: +44(0) 20 7947 4350
|
Related Shares:
Plethora Solutions Holdings Plc