CEPS PLC Extension of existing related party loan (9756J)

TIDMCEPS

RNS Number : 9756J

CEPS PLC

03 May 2022

3 May 2022

CEPS PLC

("CEPS" or the "Company")

Extension of existing related party loan

The repayment date of the loan from Chelverton Asset Management Limited (the "CAM Loan") to CEPS which stands at GBP2,950,000 (which was originally announced on 2 June 2020 with subsequent extensions to its repayment date) has been changed from 31March 2023 to being on a rolling eighteen-month basis with effect from 29 April 2022. All other terms of the CAM Loan remain the same including that it carries an interest rate of 5 per cent. accruing daily and payable in arrears on 31 March, 30 June, 30 September and 31 December.

CEPS' obligations in respect of the CAM Loan have been guaranteed by Mr David Horner. As David Horner is a director of the Company and, therefore, deemed to be a related party pursuant to the AIM Rules for Companies, is a 14.06% shareholder and, together with his family, owns 55.25% of CAM Holdings Limited, which owns 100% of Chelverton Asset Management Limited (which is, therefore, itself a related party), both the extension of the CAM Loan, and the provision of the guarantee, are considered to be related party transactions pursuant to AIM Rule 13. The directors of the Company who are considered independent for the purposes of the CAM Loan and the guarantee of the CAM Loan by David Horner, being Geoff Martin, David Johnson and Vivien Langford, having consulted with the Company's nominated adviser, Cairn Financial Advisers LLP, consider the CAM Loan and the guarantee of the CAM Loan by David Horner to be fair and reasonable insofar as the Company's shareholders are concerned.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018).

The directors of the Company accept responsibility for the content of this announcement.

Enquiries

 
CEPS PLC 
 Vivien Langford, Group Finance 
 Director                           [phone] 
Cairn Financial Advisers LLP 
 James Caithie / Sandy Jamieson 
 / Ludovico Lazzaretti              [phone] 
 

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identi ed by their use of terms and phrases such as "believe", "could", "should" "envisage", "estimate", "intend", "may", "plan", "potentially", "expect", "will" or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements re ect the Directors' current beliefs and assumptions and are based on information currently available to the Directors .

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(END) Dow Jones Newswires

May 03, 2022 02:01 ET (06:01 GMT)