17th Sep 2007 08:30
Lombard Risk Management PLC17 September 2007 17 September 2007 Lombard Risk Management plc ("LRM" or the "Company") Unsecured director loan and guarantee Lombard Risk Management plc, a company providing regulatory, risk management andvaluation software to the financial sector, announces that it has entered into aloan with John Wisbey, Chairman and Chief Executive Officer, for £620,000 (the "Loan"). It is intended that these funds will be used to repay the Company'sexisting bank borrowings in full and to provide the Company with additionalworking capital. The Loan, which initially bears interest at Alliance & Leicester base rate plus2.25% and is subject to review on 31 October 2007, is repayable by 29 February2008, although is repayable earlier in certain circumstances or at the Company'soption. It is expected that the loan will be repaid by the end of February 2008 out ofthe Company's operating cash flow. In addition to this loan Mr. Wisbey has provided a guarantee of a demand bankfacility entered into by the Company in July 2007 with National Westminster Bankplc in the amount of £250,000. The Directors of the Company, excluding Mr. Wisbey, having consulted with theCompany's nominated adviser, Noble & Company Limited, consider that the terms ofthe Loan and the guarantee provided by Mr. Wisbey are fair and reasonable,insofar as the Company's shareholders are concerned. Enquiries: Lombard Risk Management plc John Wisbey, Chairman & CEO Tel: +44 20 7384 5000 email: [email protected] Noble & Company Limited - Nominated Advisors Matthew Hall, Director Tel: +44 20 7763 2200 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Lombard Risk Management