Replacement - Loan from related party (3436A)

TIDMSCO

RNS Number : 3436A

Scotty Group SE

29 March 2012

29 March 2012

The following announcement replaces the "Loan Facility & Related Party Transaction" announcement RNS9752Y released at 12:32 p.m. on 8 March 2012. Dr Ernst Wustinger owns 45% and controls 54% of STWB's issued share capital as opposed to owning 55% of STWB's issued share capital as previously stated. All other text remains the same. A correction of the full announcement is below.

SCOTTY Group SE

("SCOTTY" or the "Group")

Loan Facility & Related Party Transaction

SCOTTY announces that, on 17 February 2012, it entered into a short-term loan agreement with Steirischer Technologie und Wachstumsfonds Beteiligungs AG ("STWB") providing the Group with a working capital facility of up to GBP30 0,000. The loan bears interest at a rate of 9 per cent. per annum and is repayable on 21 May 2012. As at 8 March 2012, the Group has drawn down the loan in full.

STWB is a company in which Dr Ernst Wustinger, Chairman of SCOTTY, owns 45 per cent. and controls 54 per cent. of the issued share capital. Accordingly, the loan agreement is a related party transaction as defined in the AIM Rules. The Directors of SCOTTY, other than Dr Wustinger, consider, having consulted with Cairn Financial Advisers LLP, the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as the Group's shareholders are concerned.

Enquiries:

 
 SCOTTY Group SE 
  Kurt Kerschat, CEO                    [phone] 
 Nominated Adviser 
  Cairn Financial Advisers LLP 
  Tony Rawlinson / Avi Robinson         [phone] 
 Broker 
  Northland Capital Partners Limited 
  Katie Shelton                         [phone] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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