7th Oct 2009 17:09
Pantheon Leisure plc / Epic: PLEI / Market: AIM / Sector: Leisure
7 October 2009
Pantheon Leisure plc (`Pantheon' or `the Company') Related Party Transaction
Pantheon Leisure plc, the AIM quoted company formed to acquire businesses in the leisure sector, has provided 50,000 of bridging funding to ADDleisure plc's (`ADDleisure') wholly owned subsidiary Fitbug Limited (`Fitbug') alongside two directors of ADDleisure (`the Lenders') as part of a 250,000 bridging finance (`the Facility'). This Facility will be used for general working capital, research and development to leverage the Fitbug product into new markets and geographic territories. The Facility is being provided interest free providing the entire amount is repaid on successful completion of a proposed placing to be undertaken by ADDleisure on or before 31 January 2010. If the Facility is not repaid by 31 January 2010, an interest rate equal to LIBOR plus 5 per cent. per annum will become payable. The Facility shall thereafter be repayable on demand.
The bridging finance provided by two directors of ADDleisure, and Pantheon (a substantial shareholder of ADDleisure within the meaning of the AIM Rules) is a related party transaction within the meaning of the AIM Rules. Bill Weston and Irvin Fishman, being the independent directors for the purpose of the grant of bridging finance, having consulted with Seymour Pierce Limited, the Company's Nominated Adviser, considers the terms of the bridging finance fair and reasonable.
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For further information please visit www.pantheonleisure.com or contact:
Geoffrey Simmonds Pantheon Leisure plc Tel: 020 7935 0823 Mark Percy Seymour Pierce Limited Tel: 020 7107 8000 Susie Callear St Brides Media & Finance Limited Tel: 020 7236 1177
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