RNS Number:3966R
Hardy Amies PLC
02 April 2008
Hardy Amies plc ("Hardy Amies" or the "Company")
2 April 2008
Related Party Loan
Hardy Amies announces that it has secured a loan of GBP500,000 from Arev Brands
Limited ("ABL"), a substantial shareholder. The loan will be used to fund
working capital and to continue the store rollout.
The loan bears interest at 10% above the base rate for the time being of
Barclays Bank Plc and is secured by a fixed and floating charge over the entire
assets of the Company. The loan will be repayable six months from the date of
demand by ABL. Hardy Amies may itself repay the loan by giving at least five
business days notice to ABL. In the event of any default by Hardy Amies,
comprising a failure to pay any sums due under the loan, a cessation or threat
of cessation of its business or any of the usual insolvency conditions, the loan
will become immediately repayable together with accrued interest.
After having consulted with its nominated adviser, Shore Capital & Corporate
Limited, the independent directors of Hardy Amies, being Nigel Brunning, John
Heath and Peter Phillips, consider that the terms of the transaction are fair
and reasonable insofar as its shareholders are concerned.
Further information concerning the current trading and prospects of the Company
will be contained in the annual results for the financial period to 31 December
2007, which Hardy Amies intends to publish on or before 30 June 2007.
Enquiries:
Hardy Amies Plc
Nigel Brunning, Chief Operating Officer 020 7734 2436
Shore Capital & Corporate Limited
Guy Peters 020 7408 4090
This information is provided by RNS
The company news service from the London Stock Exchange
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