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TIDMGON
RNS Number : 3462W
Galleon Holdings PLC
30 January 2012
Galleon Holdings plc
("Galleon" or the "Company")
Croco Loan Facility Extension
Galleon Holdings plc (AIM: GON), the AIM quoted entertainment media company, announces that, further to the announcement of 3 June 2011, it has agreed an extension to the remaining GBP1m of the GBP2m in loan facilities entered into on the 2 June 2011. The extension is until the 31(st) January 2013.
As before, an interest rate of 2% calculated on the outstanding balance each month on a pro rata basis is payable monthly. A further arrangement fee of GBP40,000 is payable to Imagination for the extension of the facility which is secured against Croco's receivables.
Imagination, which has a 12.8% interest in the issued share capital of the Company, is a charitable trust registered in the Isle of Man. Whilst David Wong and Pritesh Desai are Directors of Imagination they do not have any beneficial interest in the trust. The extension is however a related party transaction as defined in Rule 13 of the AIM Rules for Companies.
The independent Directors to the transaction consider, having consulted with Cairn Financial Advisers LLP as nominated adviser, that the terms of the extended loan agreement are fair and reasonable insofar as Galleon's shareholders are concerned.
Enquiries:
Galleon Holdings plc
Hayden Eastwood, Chief Financial
Officer +44 20 8987 0011
Nominated Adviser
Cairn Financial Advisers LLP
James Caithie / Avi Robinson +44 20 7148 7900
Notes to Editors:
ABOUT GALLEON HOLDINGS
Galleon Holdings plc is primarily a publisher of digital content in China across both online and mobile platforms. It also has a Product IP Division that provides innovative marketing devices for fast moving consumable goods and an Entertainment Division that develops multi-platform branded formats designed to establish a direct, interactive relationship with the viewer.
This information is provided by RNS
The company news service from the London Stock Exchange
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