Medilink-Global UK Limited Variation to terms of loan facility (6951W)

TIDMMEDI

RNS Number : 6951W

Medilink-Global UK Limited

11 November 2014

MEDILINK-GLOBAL UK LIMITED

("Medilink", the "Company" or the "Group")

Variation to terms of existing loan facility

On 19 March 2012 MediLink-Global UK Limited (AIM: MEDI), the electronic health card network service provider, announced that the Company had agreed terms on a loan from Shia Kok Fat, Chief Executive Officer of MediLink, whereby he agreed to advance an unsecured loan of GBP300,000 to MediLink (the "Loan"). The funds from the Loan were advanced to the Company on 16 March 2012 and have been utilised by MediLink for general working capital purposes and to provide funding for the capital expenditure requirements of MediLink's operations in both China and Malaysia.

The Loan bears interest at 6 per cent. per annum (accruing monthly) payable in arrears on a monthly basis. The principal of the Loan is due for repayment on 31 December 2014 (the "Repayment Date"). The Repayment Date is, however, capable of being extended beyond 31 December 2014 subject to agreement between the Company and Shia Kok Fat and conditional on the Loan being repaid at a minimum rate of GBP50,000 per annum thereafter. Full details on the terms of the Loan are contained in the announcement released by the Company on 19 March 2012.

The Company and Shia Kok Fat entered into an agreement on 1 November 2014 to vary the existing loan agreement to extend the term of the loan to 31 December 2016. All other terms of the Loan remain unchanged and, as detailed above, GBP50,000 of the Loan will be repaid by the Company on 31 December 2015. As at 31 December 2013 the outstanding principal of the Loan along with interest accrued yet unpaid amounts to GBP318,000.

As Shia Kok Fat is a director of MediLink, the variation to the loan agreement constitutes a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. The directors of MediLink excluding 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.

For further information, contact:

 
 MediLink-Global UK Limited        Tel: + 603 2296 3113 
  Shia Kok Fat, Chief Executive 
  Officer 
  www.medilink-global.com 
 Allenby Capital Limited           Tel: [phone] 
  (Nominated Adviser and Broker) 
  Nick Athanas, James Reeve 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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