Environmental Recycling Tech. PLC Director's Loan (9104R)
July 01 2015 - 11:18AM
UK Regulatory
TIDMENRT
RNS Number : 9104R
Environmental Recycling Tech. PLC
01 July 2015
Environmental Recycling Technologies plc
Director's loan
1 July 2015
Environmental Recycling Technologies plc (AIM: ENRT), the patent
rights holder to the Powder Impression Moulding ("PIM") process
which is capable of converting mixed waste plastics into
commercially viable products, announces that Ken Brooks,
non-executive Chairman has made a loan of GBP200,000 available to
the Company.
The Company has to date drawn down against the loan in two
tranches; GBP100,000 was made available on 28 March 2015 and a
further GBP50,000 on 29 June 2015.
The total loan is unsecured and carries interest at 2% until
repayment. Instead of repayment, the loan may be converted into new
ordinary shares at the lender's option at the price at which the
Company next issues new ordinary shares for cash.
The loan is classified as a related party transaction in
accordance with the AIM Rules for companies.
The directors other than Ken Brooks, having consulted with the
Company's nominated adviser, consider the loan to be fair and
reasonable and in the interest of shareholders as a whole.
For further information:
Environmental Recycling Technologies plc
Ken Brooks (Non-Executive Chairman)
Lee Clayton (Managing Director) 01993 779 468
W H Ireland
John Wakefield 0117 945 3470
Kreab Gavin Anderson
Robert Speed/Ross Gillam 020 7074 1800
This information is provided by RNS
The company news service from the London Stock Exchange
END
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