13th Mar 2014 07:00
13 March 2014
Turbo Power Systems Inc.("TPS" or the "Company")
Loan Extension
TPS, the innovative electrical machines and electronic systems provider, is pleased to announce that it has today agreed a two-year extension in the term of its existing loan agreement with TAO Sustainable Power Solutions (UK) Limited ("Tao") (the "Loan") and will now be repayable on 1 April 2016. No other terms of the Loan have been changed.
Tao holds 89.4% of the issued share capital of the Company, and is therefore a related party for the purposes of the AIM Rules for Companies ("AIM Rules"). Accordingly, the entry into the agreement with Tao as set out above constitutes a related party transaction for the purpose of the AIM Rules.
The Company's independent directors consider, having consulted with finnCap Ltd, the Company's nominated adviser, that the terms of the transaction set out above are fair and reasonable insofar as the Company's shareholders are concerned.
For further information, please contact:
Turbo Power Systems Inc. | Tel: +44 (0)191 482 9200 |
Carlos Neves, Chief Executive Officer | |
Kreab Gavin Anderson (financial public relations) | Tel: +44 (0)20 7074 1800 |
Robert Speed | |
finnCap (NOMAD, broker and financial advisor) | Tel: +44 (0)20 7220 0500 |
Ed Frisby / Henrik Persson |
Related Shares:
TPS.L