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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Vordere Plc | LSE:VOR | London | Ordinary Share | GB00B6QZLQ32 | ORD GBP0.02 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 10.00 | 8.50 | 11.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMVOR
RNS Number : 2231O
Vordere PLC
30 September 2019
30 SEPTEMBER 2019
VORDERE PLC
("Vordere" or the "Company)
Satisfaction of Loan Contract
Vordere plc is pleased to announce the early repayment of a loan. The loan was executed on 2 August 2017 between Vordere Capital Sarl, a wholly owned subsidiary of Vordere plc, and MV13 Eiendom AS (the "Borrower"), a single asset owning company. The repayment date was five (5) years from the drawdown date of 3 August 2017, being 3 August 2022.
The loan was issued for NOK 13,000,000. The drawdown consisted of NOK 11,790,000. The Borrower reduced the principal through early principal repayments of NOK 100,000 on 30 November 2018 and NOK 200,000 on 28 December 2018.
The loan was secured in the Norwegian land registry against a property in Oslo, in which the rental income was approximately 10% of the loan value and the interest charged by contract was an aggregate of 7% of loan value on repayment. The property valuations completed annually for Vordere plc's financial statements provided that the secured value was NOK 20,000,000 on 28 July 2017, 16 May 2018, and 13 May 2019. This represented a loan to value of approximately 58% during the life of the loan.
The repayment of NOK 12,541,832.20 (approximately GBP 1,110,655.33 as of the payment date) was received on Tuesday, 24 September 2019. Interest paid over the life of the loan was NOK 1,749,959.73 (approximately GBP 155,109.08 as of the payment date).
This payment represents full final repayment of the principal and interest.
Quote from Vordere plc:
"The Board is delighted to have received re-payment of the loan from MV13 Eiendom AS three years earlier than anticipated. This is great news for shareholders and will provide an opportunity for the Company to expand its cash reserves pending suitable investment."
Vordere PLC
Claire Jackson, Company Secretary +44 (0) 117 918 1314
Greenwoods GRM
Alper Deniz, Legal Advisor +44 (0) 207 504 1157
LEI number of Vordere PLC: 213800VALWEYWTLOX423
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
STRLMMATMBAJBPL
(END) Dow Jones Newswires
September 30, 2019 12:06 ET (16:06 GMT)
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