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Targets TR Xx | AMEX:TCY | AMEX | Ordinary Share |
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RNS Number:7412P TeleCity PLC 15 September 2003 TeleCity plc Related Party Transaction In the 2002 Annual Report, TeleCity announced that since 31 December 2002 a loan facility of #0.7m had been arranged with 3i Group plc, a substantial shareholder in the Company. In May 2003, an internal financial review established that additional funding would be required to support the cash flows of the business from Q3 2003, in order to take into account the periodical movements in working capital incurred in the ordinary course of business. In July 2003, TeleCity therefore arranged a three-month, #1.1m overdraft facility with Bank of Scotland to replace the initial facility with 3i, with an option to renew and extend the facility for a further 12 months at the end of the initial period. Bank of Scotland made the facility available, at the rate of 1.5% over LIBOR, on condition that a third party guarantee was made available, which was subsequently given by 3i having been approached by the board for the purpose. 3i's arrangement fee in relation to the guarantee was #100,000. The Bank of Scotland overdraft facility expires on 30 September 2003, and it is the Company's intention to extend the facility by a further #1.3m, with the new total facility of #2.5m due to expire on 30 September 2004. The Directors have agreed in principle the terms of the guarantee and renewal fees with 3i in connection with the new facility, and it is expected that the formal terms of the facility will be finalised on or before 30 September 2003. The Directors consider this facility to be the most effective way to finance the business in the near-term. Under the rules of the UK Listing Authority, the facility falls to be a Related Party Transaction due to the guarantee provided by 3i, who is a major shareholder of the company. The Company will therefore be seeking shareholder approval for the facility at an EGM as required by the UK Listing Authority, and has already received undertakings from a majority of shareholders (such majority being in excess of 50% of the shares excluding 3i's shareholding) to approve the facility on the basis of the heads of terms agreed. TeleCity's interim results for the 6 months to 30 June 2003 will be announced later today. Enquiries: TeleCity Rick Hudson, Chief Executive Tel. 020 7512 3500 Citigate Dewe Rogerson Sue Pemberton Tel. 020 7638 9571 This information is provided by RNS The company news service from the London Stock Exchange END STRGGGMLRZVGFZM
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