AEC Education plc Shareholder Loans (6283A)
December 24 2014 - 2:00AM
UK Regulatory
TIDMAEC
RNS Number : 6283A
AEC Education plc
24 December 2014
Shareholder Loans
AEC Education Plc
("AEC" or the "Company")
AEC announces that on 24 December 2014 it entered into loan
agreements of up to GBP500,000 with Cinnovation Inc.
("Cinnovation") and KSP Investments Pte Ltd ("KSP"), each providing
up to GBP250,000 to assist with funding the Company's development
and cashflow requirements (the "Loans").
The Loans are unsecured and will accrue interest at a rate of 8%
per annum, to be paid annually on the anniversary of the Loans. The
Loans are repayable on 24 December 2016 or earlier at the Company's
option, without penalty.
Related Party Transaction
Cinnovation Inc. has a beneficial interest of 29.90% and KSP has
a beneficial interest of 17.50% of the current issued share capital
of the Company and are consequently both Related Parties of AEC for
the purpose of AIM Rule 13. The Company's Independent Director,
Liam Swords, having consulted with the Company's Nominated Adviser,
considers that the terms of the Loans are fair and reasonable
insofar as its shareholders are concerned.
For further information, please contact:
AEC Education Plc
Liam Swords
Tel: 07725 836 811
WH Ireland Limited (NOMAD)
Andrew Kitchingman
Liam Gribben
Tel: 0113 394 6600
This information is provided by RNS
The company news service from the London Stock Exchange
END
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