Facility Agreement

 

TIDMINVU 
 
RNS Number : 8437S 
Invu plc 
26 May 2009 
 

 
 
26 May 2009 
Invu plc 
 
 
Facility agreement 
 
 
Invu plc (LSE, AIM: INVU) ("the Company") announces that it has entered into an 
agreement with Tyne & Wear Holdings Limited ("Tyne & Wear") pursuant to which 
Tyne & Wear has agreed to provide a term loan facility to the Company of up to 
GBP0.5 million (the "Facility"). The interest rate under the Facility is 
calculated based on a margin over 3 month LIBOR (with an initial rate of 12.5%) 
and may reduce in certain circumstances. The Facility is repayable on or before 
31 December 2010. The Board is considering options to further strengthen the 
Company's balance sheet and will provide an update in due course. 
 
 
Tyne & Wear is a substantial shareholder of the Company for the purposes of the 
AIM Rules for Companies ("AIM Rules") and, as such, is a related party of the 
Company. In addition, Tyne & Wear is ultimately wholly-owned by a discretionary 
trust, the potential beneficiaries of which include Cynthia Goldman, the mother 
of Daniel Goldman, the non-executive Chairman of the Company. Given the 
potential conflict of interest arising from this relationship, Mr. Goldman has 
not participated in the negotiation or approval by the directors of the 
Facility. 
 
 
The entering into of the Facility with Tyne & Wear is classified as a 
transaction with a related party for the purposes of the AIM Rules. In 
accordance with the AIM Rules, the directors of the Company, with the exclusion 
of Daniel Goldman, having consulted with the Company's nominated adviser, 
Arbuthnot Securities Limited, consider that the terms of the transaction are 
fair and reasonable insofar as the Company's shareholders are concerned. 
 
 
-ends- 
 
 
Enquiries: 
 
 
Invu plc   01604 859893 
Bernard Fisher, Non-Executive Director 
Colin Gallick, CEO 
 
 
Financial Dynamics  020 7831 3113 
Juliet Clarke / Haya Chelhot / Emma Appleton 
 
 
Arbuthnot Securities  020 7012 2000 
Tom Griffiths / Ben Wells 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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