RNS Number : 6134J
Maypole Group plc
05 December 2008
Maypole Group plc
5 December 2008
Maypole Group plc ("Maypole" or the "Company")
Director's Loan Arrangements
Maypole, the AIM listed UK countryside hotels with restaurants group, announces that it has entered into a short term unsecured loan
agreement with Regents Park Estates Limited (a company which provides the services of the Chairman, Mr Simon Bentley, to Maypole and which
is wholly-owned by him) in the sum of £450,000 (the "New Loan"). This will be utilised as to £100,000 to repay an existing loan from Mr
Bentley to the Company which was advanced in February 2008 and which bears interest at 8 per cent. per annum ("February Loan"). The
financing that Mr Bentley arranged to enable him to advance the February Loan has fallen due for repayment and therefore Mr Bentley is
calling in the February Loan from the Company. The balance of the New Loan will be used for general working capital purposes.
The New Loan is repayable on demand and bears interest at 18 per cent. per annum payable monthly in arrears.
Following the drawdown of the New Loan, Mr Bentley and entities associated with him will have advanced the following sums to the
Company:
Sum Advance date Term Coupon
*£450,000 3 December 2008 On demand 18%
£600,000 21 October 2008 2 years 18%
**£55,000 25 January 2007 2 years 15%
* - advanced by Regents Park Estates Limited, wholly-owned by Mr Bentley.
** - advanced by Regents Park Estates Pension Scheme, a pension scheme of which Mr Bentley is the sole beneficiary.
The independent directors (being Messrs. Alastair and Tristan McEwen and Nigel Berger), having consulted with the Company's nominated
adviser, consider the terms of the New Loan to be fair and reasonable insofar as shareholders are concerned.
Contacts
Maypole Group plc
Simon Bentley - Chairman 0207 726 7010
Blomfield Corporate Finance Ltd
Alan MacKenzie / Peter Trevelyan-Clark / Ben Jeynes 020 7489 4500
Alexander David Securities Ltd
David Scott / Bill Sharp 020 7448 9820
Weber Shandwick Financial
Nick Dibden / James White 020 7067 0700
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
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