Prime Active Capital PLC Extension of Mosaic Loan Facility (5122J)

TIDMPACC

RNS Number : 5122J

Prime Active Capital PLC

12 June 2014

Prime Active Capital plc ('PAC" or "the Company")

12 June, 2014

Further to its announcement of 23 May 2014, PAC announces that Mosaic Print Management has agreed a three month extension of the GBP1 million one year secured loan facility which matured in May, 2014 (the "Mosaic Loan Facility"). This facility is, with immediate effect, extended until 31 August 2014. The Mosaic Loan Facility will now be subject to a late payment fee of GBP65,000 which will be added to the principal outstanding making the total amount due on 31 August of GBP1,065,000. PAC will continue to pay interest at the agreed previous rate (15%) with interest payments calculated on the sum of GBP1,065,000 million.

The extension will allow PAC further time to consider its options in relation to the repayment of the Mosaic Loan Facility including a sale of all or part of the Group's stores or other forms of refinancing.

As Mosaic Print Limited is owned by Mr. Anthony Gill and Mr. Steve Smith, who are both directors of PAC and, in the case of Mr. Gill, also the largest shareholder in PAC, the amendment of the terms of the Mosaic Loan Facility is considered a related party transaction under the AIM Rules and the ESM Rules. Mr. Dermot Martin, the remaining director of PAC who is not connected with Mosaic Print Management, having consulted with PAC's Nominated Adviser and ESM Adviser, considers that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.

For further information, contact:

 
Prime Active Capital plc               Tel: + 353 1 295 9895 
 Dermot Martin 
Nominated Adviser                      Tel: + 353 1 6796363 
 Davy Corporate Finance 
 Eugenée Mulhern/Anthony Farrell 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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