5th Mar 2009 16:15
C H BAILEY PLC
Related party transactions
The Board of CH Bailey, Plc (the "Company" or "C H Bailey") announces the following transactions between the Group and Mr C H Bailey ("Mr Bailey"), the Company's chairman and managing director. These transactions are related party transactions within the meaning of the AIM Rules.
On 27 February 2009, Mr Bailey advanced, in the form of interest-bearing loans, £300,000 to the Company and US$541,000 (approximately £384,000 at the current rate of exchange) to a subsidiary in Tanzania. The loans bear interest at a commercial rate, are unsecured and are repayable by 31 March 2010.
The directors of CH Bailey Plc (other than Mr Bailey himself, who has not participated in the Board's discussions on the matter) consider, having consulted with Arden Partners plc, the Company's nominated adviser, that the terms of these loans by Mr Bailey are fair and reasonable so far as the Company's shareholders are concerned.
Enquiries:
C H Bailey, Plc
Charles Bailey (Tel: 01633 262961)
Arden Partners plc
Richard Day (Tel: 020 7398 1632)
Colin Smith (Tel: 0121 423 8940)
Related Shares:
C.H. Bailey Plc