Replacement: Related Party Transaction

 

TIDMMPS 
 
RNS Number : 0503H 
Minorplanet Systems PLC 
11 February 2010 
 
 
The following amendment has been made to the 'Related Party Transaction' 
announcement released on 11 February 2010 at 16.55 under RNS No 0452H. 
 
The text in square brackets has been deleted. 
 
All other details remain unchanged 
 
            Minorplanet Systems plc ("Minorplanet" or the "Company") 
 
                            Related Party Transaction 
 
Minorplanet is pleased to announce that it has secured a loan from its Chief 
Executive, Mr Terry Donovan, who, for the purposes of this transaction, is 
regarded as a related party of the Company under the AIM Rules. 
 
The loan is for the sum of GBP300,000 and is repayable over 24 months, 
commencing on 4 June 2010. It bears an interest rate of 8% over Barclays Bank 
Plc's base rate and is secured by a debenture over the assets of the Company and 
certain of its subsidiaries.  The loan was made to assist the general working 
capital requirements of the Company. 
 
The securing of this loan from Mr Terry Donovan is a Related Party Transaction 
for the purpose of AIM Rule 13.  The Directors consider, having consulted with 
Shore Capital and Corporate Limited, the Company's Nominated Adviser, that the 
terms of the related party transaction are fair and reasonable insofar as the 
Company's shareholders are concerned. 
 
This transaction is one of a series of proposed actions designed to return the 
Group to financial stability and profitability.  Details of these proposed 
actions and an update on the Company's trading and financial position will be 
provided as part of the 2009 Preliminary Announcement, which is expected in late 
February 2010. 
 
 
+---------------------------+---------+----------------------------------+ 
| Minorplanet Systems plc   |    Tel: |                    0113 346 7777 | 
+---------------------------+---------+----------------------------------+ 
| Terry Donovan, Chief      |              [e-mail] | 
| Executive                 |                                            | 
+---------------------------+--------------------------------------------+ 
| Richard Hopkin, Finance   |             [e-mail] | 
| Director                  |                                            | 
+---------------------------+--------------------------------------------+ 
|                           |         |              www.minorplanet.com | 
+---------------------------+---------+----------------------------------+ 
|                           |         |                                  | 
+---------------------------+---------+----------------------------------+ 
| Shore Capital & Corporate |    Tel: |                    020 7408 4090 | 
| Ltd                       |         |                                  | 
+---------------------------+---------+----------------------------------+ 
| Guy Peters                |         |                                  | 
+---------------------------+---------+----------------------------------+ 
| Edward Mansfield          |         |                                  | 
+---------------------------+---------+----------------------------------+ 
|                           |         |                                  | 
+---------------------------+---------+----------------------------------+ 
| Rawlings Financial PR     |    Tel: |                    01653 618 016 | 
| Limited                   |         |                                  | 
+---------------------------+---------+----------------------------------+ 
| Catriona Valentine        |         | [e-mail] | 
+---------------------------+---------+----------------------------------+ 
|                           |         |      www.rawlingsfinancial.co.uk | 
+---------------------------+---------+----------------------------------+ 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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