31st May 2007 12:00
Medsea Estates Group PLC31 May 2007 Medsea Estates Group plc 31 May 2007 Medsea Estates Group plc ("Medsea" or "the Company") Related Party Transactions In 2006 and 2007, the Company entered into certain transactions which areclassified as related party transactions under the AIM Rules for Companies andwhich were disclosed in the Report and Accounts for the year ended 31 December2006. These transactions involved (a) a loan of £364,000 to Tojuca InvestmentSL, a property development company in which Tony Gatehouse and Juan CarlosRodriguez Martinez (respectively chairman and chief executive of the Company)held a material interest and (b) the conversion of that loan and balance of£342,000 in respect of commission receivable from Tojuca Investment SL into anequity interest of 30% in Eurobond Investments S.L. representing an effectiveinterest of 24% in Residential Argos Sol S.L. the company to which wastransferred the development land originally owned by Tojuca Investment SL. Theequity interest held by the Company had a market value of £960,000 based on anindependent valuation of the land interest. Tony Gatehouse and Juan CarlosRodriguez Martinez each hold a shareholding of 20.4% in Eurobond InvestmentsS.L., representing an effective interest of 16.3% in Residential Argos Sol S.L.The balance due by Tojuca Investment SL to the Company after the conversion ofthe £364,000 loan mentioned above amounted to £197,000 and is wholly repayablein 2007. The independent directors of the Company consider, having consulted with HBCorporate the Company's Nominated Adviser, that the terms of the transactionsare fair and reasonable insofar as its shareholders are concerned." For further information please contact: HB CorporateImran Ahmad/ Ed Hutton/ Rachel Kane +44 (0) 20 7510 8600 Weber Shandwick FinancialTerry Garrett/ Alex White/ John Moriarty +44 (0) 20 7067 0700 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Craven House Capital