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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Sheffield Utd | LSE:SUT | London | Ordinary Share | GB0002181484 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 6.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:4424D
Sheffield United PLC
06 September 2007
6 September 2007
For Immediate Release
Sheffield United PLC
("Sheffield United" or "Company")
#10 million unsecured loan
Sheffield United (AIM: SUT) the football, leisure and property company annouces
today that it has raised #10 million in financing by way of a unsecured loan
from SDG Caledonia Holdings Limited ("SDG Caledonia"). It is intended that the
funds will be used to fund player purchases and salaries, to support certain
potential capital projects both at Bramall Lane and at the club's other sites in
Sheffield and to provide the Company with additional working capital.
The loan, which bears interest at Bank of Scotland base rate plus 4%, is
repayable by 31 August 2008 and includes an obligation for SDG Caledonia to
underwrite up to the value of #10 million, any equity fundraising that the
company makes during the period of the loan.
The loan will be advanced by SDG Caledonia Holdings Limited, a company
controlled indirectly by Kevin McCabe and related family trusts, accordingly the
transaction constitutes a related party transaction. The Directors of Sheffield
United, excluding the related party Kevin McCabe, consider, having consulted
with the Company's Nominated Advisor, KBC Peel Hunt, that the terms of the loan
are fair and reasonable in so far as the Company's shareholders are concerned.
Commenting on the loan, Jason Rockett Chief Executive said:
"This investment is part of our long term business strategy which includes
reducing bank debt. It is a strategic move in the wake of the inevitable
reduction in income associated with relegation from the Premier League.
"This loan enables us to continue our robust business strategy - focused on
staying competitive on-the-field and on growth off-the-field by maximising our
business activities and opportunities."
Enquiries:
Sheffield United PLC
Simon Capper +44 (0)870 787 1960
KBC Peel Hunt (Nominated adviser and broker)
Nick Maslen +44 (0)20 7418 8900
Tavistock Communications
Rachel Drysdale / Jeremy Carey +44 (0)20 7920 3150
This information is provided by RNS
The company news service from the London Stock Exchange
END
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