AEC Education plc Shareholder Loan (1049P)
February 16 2016 - 2:00AM
UK Regulatory
TIDMAEC
RNS Number : 1049P
AEC Education plc
16 February 2016
AEC Education Plc
("AEC" or the "Company")
Shareholder Loan
AEC announces that it has entered into a loan agreement with KSP
Investments Pte Limited ("KSP") for up to GBP500,000 (the "Loan").
The Loan is unsecured, accrues no interest and has no fixed
repayment date. The Loan has been provided on the basis it will be
repaid as soon as possible out of the future profits of the
business.
The Loan will be used to fund working capital and to support the
plans of subsidiary companies to return to profitability and
sustainable growth.
KSP has a beneficial interest of 17.50% of the current issued
share capital of the Company and is consequently a Related Party of
AEC for the purpose of AIM Rule 13. The Independent Directors of
AEC (which excludes Haider Sithawalla and Gopinath Pillai)
consider, having consulted with WH Ireland Limited, the Company's
nominated adviser, that the terms of the Loan with KSP are fair and
reasonable insofar as the Company's shareholders are concerned.
ENDS
For further information, please contact:
AEC Education Plc
Liam Swords
Tel: 07725 836811
WH Ireland Limited (NOMAD & Broker)
Mike Coe
Liam Gribben
Tel: 0117 945 3470
This information is provided by RNS
The company news service from the London Stock Exchange
END
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