Investment Evolution Credit PLC Loan Agreement and Related Party Transaction

RNS Number : 4935T

Investment Evolution Credit PLC

24 June 2024

 

                24 June 2024

 

Investment Evolution Credit plc

 

("IEC", the "Company" or the Group)

 

Loan Agreement and Related Party Transaction

 

Investment Evolution Credit plc (AQSE: IEC) - 24 June 2024: IEC, a global fintech group specialising in online consumer loans, announces that it has entered into a £100,000 loan agreement with Sam Prasad (the "Loan Agreement"), current CFO/COO and director of the Company.

 

Pursuant to the Loan Agreement, the Company has received £100,000 (the "Loan") which will be utilised for operating costs and its short-term working capital needs.

 

The Loan is unsecured, bears no interest and is repayable by the Company by the following dates:

-       £40,000 on 5 July 2024; and

-       £60,000 by 30 September 2024.

 

Related Party Transaction

 

Sam Prasad is considered a "Related Party" as defined under the AQSE Growth Market Access Rulebook as a result of being a director of the Company. The Loan Agreement therefore constitutes a related party transaction for the purposes of Rule 4.6 of the AQSE Growth Market Access Rulebook (the "Transaction").

 

The directors of IEC independent of the Transaction confirm that, having exercised reasonable care, skill and diligence, the related party transaction is fair and reasonable insofar as the shareholders of IEC are concerned.

 

 

About IEC

IEC is an experienced regulated licensed lender under the corporate entity Investment Evolution Corporation and consumer brand Mr. Amazing Loans in the United States with state consumer lending licenses/certificates of authority in the 6 states of California, Florida, Georgia, Illinois, Nevada and New Jersey and an established track-record of regulatory compliance for over 13 years. IEC plans to expand its United States lending model to the United Kingdom market in due course by providing £2,000 to £10,000 online personal loans with fixed affordable repayments, subject to the receipt of all necessary authorisations and permits.

 

This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company accept responsibility for the contents of this announcement.

 

Enquiries:

 

Investment Evolution Credit plc
Paul Mathieson  Chairman & CEO	[e-mail]
Cairn Financial Advisers LLP (IEC AQSE Corporate Adviser)
Ludovico Lazzaretti	[phone]
Jo Turner
Axis Capital Markets Limited (IEC Corporate Broker)
Ben Tadd	[phone]
Lewis Jones

 

For more information please visit: www.investmentevolution.com/investors  

 

Caution Regarding Forward Looking Statements

 

Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates, and projections about its industry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not a guarantee of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The Company cautions security holders and prospective security holders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.

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