RNS Number:6914Y
Aquilo PLC
20 June 2007
Aquilo plc ("Aquilo" or the "Company")
New banking arrangements and Related Party Transaction
The Company is pleased to announce that HSBC Holdings PLC ("HSBC") has taken
over the banking facilities for the Company's operations.
Further, Veer Palthe Voute NV ("VPV"), an existing shareholder of the Company,
has agreed to provide a 12 month loan of #1.5 million to the Company to support
new banking facilities to be provided by HSBC. The Board believes that entering
into this loan will allow the Company to secure improved credit terms with its
suppliers and allow an expansion of the Company's current levels of trading.
The VPV funding is repayable at the end of this period and attracts an interest
rate payable by Aquilo of six per cent. Aquilo will pay a facilitation fee of
three per cent and an arrangement fee of six per cent.
The provision of the funds by VPV constitutes a related party transaction for
the purposes of the AIM Rules by virtue of VPV being a substantial shareholder
in the Company. The Board of the Company consider, having consulted with Noble &
Company Limited, the Company's nominated adviser, that the terms of this
transaction are fair and reasonable insofar as the Company's shareholders are
concerned. In advising the Board, Noble has relied upon the Directors'
commercial assessments and the Company's current financial position.
For further information please contact:
Chris Langridge, Chairman, Aquilo plc Tel: 020 3008 5511
John Riddell, Noble & Company Limited Tel: 0131 225 9677
This information is provided by RNS
The company news service from the London Stock Exchange
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