RNS Number : 9678C
Maypole Group plc
08 September 2008
Maypole Group plc
8 September 2008
Maypole Group plc ("Maypole" or the "Company")
Director's Loan Arrangements
Maypole announces that it has today entered into a short term unsecured bridging loan agreement with its Chairman, Simon Bentley, in the
sum of £500,000 ("Bridging Loan") for the principal purpose of re-financing an existing facility of £400,000 plus accrued interest of
£36,371.61.
The Bridging Loan has an arrangement fee of £6,250 and bears interest at 1.5 per cent. per annum over the base rate of Barclays Bank
Plc. The principal commercial terms mirror those on which Simon Bentley has personally secured a facility to provide the Bridging Loan. The
Bridging Loan (including the arrangement fee and accrued interest) is repayable on or before 7 October 2008.
It is the intention of the Company and Simon Bentley that the Bridging Loan will in turn be refinanced in early October 2008 from a
longer term loan facility of £600,000 to be provided by Simon Bentley ("SB Loan"). The SB Loan will be repayable in two years and will bear
interest at 18 per cent. per annum payable monthly in arrears. The SB Loan will be used to repay the Bridging Loan (including the
arrangement fee and accrued interest) and with the balance being used for general working capital purposes.
The independent directors, having consulted with the Company's nominated adviser, consider the terms of the Bridging Loan and the SB
Loan to be fair and reasonable insofar as shareholders are concerned.
The Company confirms that its interim results for the six-month period to 30 June 2008 will be announced on 24 September 2008.
Contacts
Maypole Group plc
Simon Bentley - Chairman 020 7440 7021
Blomfield Corporate Finance Ltd
Alan MacKenzie / Peter Trevelyan-Clark / Ben Jeynes 020 7489 4500
Weber Shandwick Financial
Nick Dibden / James White 020 7067 0700
This information is provided by RNS
The company news service from the London Stock Exchange
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