InnovaDerma PLC Loan Agreement (7778L)

TIDMIDP

RNS Number : 7778L

InnovaDerma PLC

15 January 2021

InnovaDerma PLC

("InnovaDerma" or the "Company")

Loan Agreement

InnovaDerma (LSE: IDP), a UK developer of beauty, personal care and life sciences products announces that further to the announcement on 11 January 2021, it has entered into a loan agreement (the "Loan Agreement") to provide the Company with a working capital loan facility of GBP500,000 with M.Ward, a Non-executive Director of the Company and substantial shareholder.

Under the Loan Agreement, the loan attracts interest at 5 per cent. above LIBOR and is repayable on 13 July 2021. M.Ward can require the loan to be repaid early in the event that the Company raises in excess of GBP2m through debt or equity issuance. In the event that the loan is repaid early M.Ward intends to invest the principle in any associated equity issue. The Company has given, as security, a debenture over all the assets of InnovaDerma plc and provided the normal representations and warranties for this type of agreement

Given M.Ward's position as a director of the Company and substantial shareholder, the Loan Agreement is deemed a related party transaction as defined under DTR 7.3. The independent directors comprising Ross Andrews, Blake Hughes and Simon Pyper consider the terms of the Loan Agreement fair and reasonable insofar as the Company's shareholders are concerned.

This announcement contains inside for the purposes of Article 7 of EU Regulation 596/2014.

Further enquiries

 
 InnovaDerma 
  Blake Hughes                        c/o TB Cardew 
 finnCap Ltd 
  Geoff Nash/Kate Bannatyne           [phone] 
  Alice Lane - Corporate Broking      www.finncap.com 
                                  ---------------------------- 
 TB Cardew 
  Shan Shan Willenbrock/              + 44 (0)7775 848537 
  Olivia Rosser                       + 44 (0)20 7930 0777 
                                      [e-mail] 
                                  ---------------------------- 
 

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January 15, 2021 02:00 ET (07:00 GMT)