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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
China Evoline | LSE:CEVO | London | Ordinary Share | GB00B3N52J55 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 50.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMCEVO RNS Number : 2626C China Evoline PLC 10 November 2009 China Evoline plc ("China Evoline" or the "Company") 10 November 2009 Loan Ageement and Related Party Transaction China Evoline plc ("China Evoline" or the "Company") announces that it has today entered into a loan agreement with its substantial shareholder, Staybest Limited ("Staybest"). Under the loan agreement, Staybest has agreed to make a GBP160,000 drawdown loan facility available to the Company to fund its working capital requirements. Funds will be made available to the Company in two tranches with the first tranche of GBP80,000 being available immediately. The balance shall be available for drawdown on the date that is six months after the date of the loan agreement. Interest at a rate of 2.5% per annum will be charged on the principal amount of the loan from the date of drawdown and the Company will pay the amount of interest accrued on the principal amount of the loan on the repayment date (the earliest date for repayment of the loan being the date that is 16 months after the date of the loan agreement). As the loan agreement that has been entered into by the Company is classified as a related party transaction under the AIM Rules, the directors of the Company consider, having consulted with the Company's Nominated Adviser, Fairfax I.S. PLC, that the terms of the loan agreement with Staybest are fair and reasonable insofar as the Company's shareholders are concerned. Frank Lewis, Chairman of China Evoline stated: "We are delighted that Staybest continues to show its support for the Company by making a loan available to it. The additional working capital will enable the Company to progress with the implementation of its investing strategy." The Investing strategy of the Company is set out below. Contact: China Evoline plc Frank Lewis, Chairman 07775 504 313 Fairfax I.S. PLC Ewan Leggat/Laura Littley 0207 598 5368 Investing Strategy The strategy of the Directors is for the Company to invest in one or more companies established in the Asia Pacific region, but which have a significant focus on the PRC (assets, customers or suppliers) and have the need for capital prior to them achieving a flotation on the public markets, either within or outside the PRC, or achieving a trade sale in due course. Such companies will be sourced largely through the contacts of the Directors, and any funding required by the Company to make such an investment will be raised prior thereto. While the Company is not currently able to identify the specific types of businesses which it might invest in, it is more likely than not that the sectors which will be targeted will be resources, technology and property - all areas where the Directors have existing knowledge and contacts. The Board believes that the Directors have relevant experience in identifying, assessing, and negotiating such acquisitions. The Directors believe that their broad collective experience in acquisitions, accounting, corporate and financial management together with their wide industry contacts will enable the Company to achieve its objectives. Investment propositions will be considered when the Directors consider that enhanced values may be achieved. A particular consideration will be to identify investments where the Directors believe that their expertise and experience can be deployed to facilitate growth or unlock value. There is no limit to the number of projects in which the Company may invest. The Directors may consider investing in a company which is geared when they believe such gearing is appropriate. The Directors will conduct initial due diligence appraisals of potential projects and where they believe further investigation is warranted they will appoint suitably qualified, and where appropriate independent persons to conduct further due diligence. The Company, as currently proposed, is unlikely to have sufficient cash resources to expend in undertaking due diligence on any potential projects. In the event that a suitable project is identified, the Company would either seek to raise further funds in order to finance any due diligence and acquisition costs or seek to pass on the costs to a third party, possibly in return for a success-related fee payable in shares or in cash. Staybest Limited and Wellhigh Limited (existing investors in the Company) have indicated that they would be willing to participate in the funding of such costs. The Directors intend to take an active role in assessing and management of any investment that the Company may make. Accordingly, the Company is likely to seek participation in the board of directors of any company which the Company acquires with a view to improving its performance and using of its assets in such ways as should result in an increase in the value of such a company. The Directors hope that the resulting benefit would provide a satisfactory return to the Company's Shareholders. The Directors may consider borrowing in respect of such investments if such funding was available and deemed appropriate by the Directors at that time. In the event no substantial acquisition is made within 12 months of the date of the 2009 AGM, namely 21 April 2010, in accordance with the AIM Rules for Companies, trading in the Company's shares will be suspended and if no reverse transaction is achieved in the following 6 months, the London Stock Exchange will cancel the admission of the shares. This information is provided by RNS The company news service from the London Stock Exchange END AGRUROKRKVRAARA
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