UKRD Group Limited provides Loan Facility

 

TIDMTLR 
 
RNS Number : 9344S 
Local Radio Company PLC (The) 
28 May 2009 
 

28 May 2009 
 
 
THE LOCAL RADIO COMPANY PLC 
("LRC" OR THE "COMPANY") 
 
 
UKRD Group Limited provides loan facility 
 
 
The Company has previously announced that its cash position is extremely tight 
and that an injection of funds was urgently required in order to continue 
trading. Further, as a result of the Open Offer to raise approximately 
GBP1.5million, announced on 6 March 2009 not proceeding, and the Offer from UKRD 
Group Limited being declared unconditional on 12 May 2009, the Company is 
pleased to report that it has signed a working capital loan facility with UKRD 
Group Limited. 
 
 
The principle terms of the loan are as follows: 
*    Facility of up to GBP1m 
*    Monthly draw downs 
*    Initial term of six months 
*    9% fixed interest rate 
*    Secured by a debenture over the assets of The Local Radio Company plc 
 
 
For the purposes of Rule 13 of the AIM Rules for Companies and as UKRD Group 
Limited is a related party under the AIM Rules, the directors who are 
independent of UKRD Group Limited, having consulted with the Company's nominated 
adviser, Ruegg & Co Limited, consider that the terms of the loan facility are 
fair and reasonable in so far as the Company's shareholders are concerned. 
 
 
For further information please contact: 
 
 
 
 
Roxane Marffy/Brett Miller 
Ruegg & Co Limited 
Nominated Adviser & Broker 
Tel [phone] 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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