19th Oct 2009 07:31
19 October 2009 TEP EXCHANGE GROUP PLC ("TEP" or "the Company") Related Party Transactions
Further to the announcement of the Company's results for the year ended 31 December 2008 announced earlier today, the Company announces that the Directors have recently agreed with Surrenda-Link Limited (a 48.26 per cent. shareholder) a deferral of certain none current outstanding charges to no earlier than 31 December 2010. Furthermore, the Directors have recently agreed with Surrenda-Link Limited support for a working capital facility of up to 150,000 which will remain in place until 31 December 2010 and the parties have agreed an interest rate of 6 per cent. per annum on the amount utilised by the Company.
Both transactions are related party transactions, under the AIM Rules. The directors consider, having consulted with the Company's nominated adviser, Merchant John East Securities Limited, that the terms of the transactions are fair and reasonable as far as its shareholders are concerned.
Further enquiries:TEP Exchange Group plc David Roxburgh 00 353 1 260 7746 Merchant John East Securities Limited John East/Simon Clements 020 7628 2200
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