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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Speymill | LSE:SYG | London | Ordinary Share | IM00B1ZBDN89 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.325 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSYG
RNS Number : 4123B
Speymill PLC
16 April 2012
For Immediate Release 16 April 2012
Speymill plc
("Speymill" or the "Company")
Further Extension of Burnbrae Loan facility
Speymill (AIM:SYG), the multinational property services group, announces that Jim Mellon, a director and substantial shareholder of Speymill, together with Burnbrae Limited (together the "Lenders"), have today entered into an agreement with the Company to extend the existing shareholder loan facility of GBP5 million (the "Loan"). This extension rolls forward the previous shareholder loan extended to the Company, as announced on 27 June 2011.
The terms of the Loan are as follows:
Term: Matures on 30 June 2013
Interest rate: 8% per annum which will accrue daily and compounded on the 31 December in each calendar year until the Loan is converted. Interest is payable in arrears on the date of repayment. The interest rates charged for previous facilities were 12% from 29 January 2009 to 1 December 2010 and 9% from 2 December 2010 to 30 June 2011.
Conversion: The Lenders will have the right, but not the obligation, to convert some or all of the principal and amounts accrued under the Loan to ordinary share capital subject to regulatory approval. The conversion price will be 6p per share.
Facility Fee: On drawdown of an amount of the Loan (an "Advance"), an amount of 3% of the amount of the Advance will be added to the Advance and form part of the principal repayable on the date of repayment, subject to a maximum aggregate fee of GBP48,000.
The Company has drawn down GBP3.4m of this facility. The additional funds will be used to assist the Company with its working capital requirements.
Mr Mellon and Burnbrae Limited, a company which is indirectly wholly owned by the trustee of a settlement under which Mr Mellon has a life interest are considered to be related parties to the Company and, therefore, the extension of the Loan is considered to be a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. The Company's directors (with the exception of Mr Mellon and Denham Eke, who is also Managing Director of Burnbrae Limited), having consulted with the Company's nominated adviser, Beaumont Cornish Limited, consider that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.
-END-
For further information, please contact:
Speymill plc Tel: +44 (0) 1624 640860 Denham Eke www.speymill.com Beaumont Cornish Limited (Nominated Tel: +44 (0)20 7628 3396 Adviser) Roland Cornish and James Biddle
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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