Medilink-Global UK Limited Variation to terms of existing loan facility (6271S)

TIDMMEDI

RNS Number : 6271S

Medilink-Global UK Limited

22 December 2016

Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).

22 December 2016

MediLink-Global UK Limited

("MediLink" or the "Company")

Variation to terms of existing loan facility

MediLink, the provider of electronic healthcard network services to insurance companies and corporate organisations, to help them facilitate the administration of medical claims and healthcare data management, announces that it has today entered into a variation of the terms of a loan with Shia Kok Fat, Chief Executive of the Company (the "Loan").

The Loan, for GBP300,000, was originally provided to the Company by Shia Kok Fat on 19 March 2012, and was subject to a variation agreement, announced on 11 November 2014. Under the previous terms, the Loan was due for repayment by no later than 31 December 2016. The Company and Mr Shia Kok Fat have today agreed to an extension to the repayment date such that the loan shall automatically renew on a quarterly basis from 31 December 2016, unless notice to redeem the loan and any accrued interest is served by Mr Shia Kok Fat, giving not less than one month's notice prior to the next quarterly date.

The Loan bears interest at 6 per cent. per annum on the principal, accruing monthly. Mr Shia Kok Fat has allowed the interest to accrue since 16 March 2012. As a result, the amount currently outstanding under the Loan, including accrued but unpaid interest, is GBP387,000. Mr Shia Kok Fat and the Company have agreed to roll-up the interest accruing until the date on which the Loan is repaid.

As Mr Shia Kok Fat is a director of MediLink, the variation to the loan terms constitutes a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. The directors of MediLink, excluding Mr Shia Kok Fat, having consulted with the Company's nominated adviser, Allenby Capital Limited, consider that the terms of the variation of the Loan are fair and reasonable insofar as the Company's shareholders are concerned.

Enquiries:

 
 MediLink-Global UK Limited      Allenby Capital Limited 
                                  (Nominated Adviser and 
                                  Broker) 
 Shia Kok Fat, Chief Executive   Nick Athanas 
  Officer 
 Tel: [phone]           James Reeve 
                                 Liz Kirchner 
 www.medilink-global.com         Tel: [phone] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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December 22, 2016 06:51 ET (11:51 GMT)