Ashley House PLC Related Party Loan Facility (3994B)
October 06 2015 - 7:40AM
UK Regulatory
TIDMASH
RNS Number : 3994B
Ashley House PLC
06 October 2015
6 October 2015
Ashley House plc
Related Party Loan Facility
Ashley House plc ("Ashley House" or the "Company"), the health
and community care property partner, is pleased to advise that it
has signed a GBP1.5m loan facility to support the development of
its projects.
This loan facility follows the announcement last week of a
Funding and Partnering Agreement with Funding Affordable Homes
("FAH") which (subject to project due diligence) is expected to
secure funding for the construction and long term ownership of the
Company's Extra Care schemes. The Board anticipates that as the
Extra Care pipeline accelerates, the requirement to fund
pre-construction expenditure will grow. This further facility will
be important to ensure the business can adequately progress
schemes.
The loan facility of up to GBP1,500,000 is with a privately
owned company, co-founded and part owned by the Company's
Non-executive Deputy Chairman Stephen Minion, called Yorkshire
Wildlife Park Limited. The facility is for fifteen months and will
be secured against individual assets of the Company and those of
its subsidiaries.
Accordingly, the loan facility is a Related Party Transaction
pursuant to AIM Rule 13 and Ashley House confirms that its
directors, acting without Stephen Minion's participation, consider,
having consulted with the Company's Nominated Adviser, that the
terms of the transaction are fair and reasonable in so far as the
Company's shareholders are concerned.
Enquiries:
Ashley House plc 01628 600 340
Antony Walters
Jonathan Holmes
WH Ireland Ltd 0207 220 1666
(Nominated Adviser and broker to Ashley House plc)
Adrian Hadden
Mark Leonard
This information is provided by RNS
The company news service from the London Stock Exchange
END
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