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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Hardy Amies | LSE:HRD | London | Ordinary Share | GB0002931458 | 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% | 1.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6260Y Hardy Amies PLC 19 June 2007 Hardy Amies plc ("Hardy Amies" or the "Company") 19 June 2007 Related Party Loan Hardy Amies announces that it has secured a loan of #2,853,000 from Arev Brands Limited ("ABL"), a substantial shareholder. The loan will be used to fund working capital, as well as to provide funds for Hardy Amies' planned store rollout. The loan is intended to enable the Company to fund its expansion programme over the next two and a half years. Depending upon the rate of growth of the Company and the cost and pace of the store rollout programme, use of the proceeds of this loan may be sufficient to allow the Company to achieve a profitable trading position. As a consequence, the Company may not require any further equity funding over the next two and a half years. The loan bears interest at 10% above the base rate for the time being of Barclays Bank Plc and is secured by a fixed and floating charge over the entire assets of the company. The loan will be repayable six months from the date of demand by ABL. Hardy Amies may itself repay the loan by giving at least five business days notice to ABL. In the event of any default by Hardy Amies, comprising a failure to pay any sums due under the loan, a cessation or threat of cessation of its business or any of the usual insolvency conditions, the loan will become immediately repayable together with accrued interest. After having consulted with its nominated adviser, Shore Capital & Corporate Limited, the independent directors of Hardy Amies, being Nigel Brunning, Peter Phillips and Chiaki Kawasaki, consider that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned. Further information concerning the current trading and prospects of the Company will be contained in the annual results for the financial period to 31 December 2006, which Hardy Amies intends to publish on or before 29 June 2007. Enquiries: Hardy Amies Plc Nigel Brunning, Chief Executive 020 7734 2436 Shore Capital & Corporate Limited Guy Peters 020 7408 4090 This information is provided by RNS The company news service from the London Stock Exchange END MSCSFMFEUSWSELM
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