Related Party Transaction
October 07 2009 - 12:09PM
UK Regulatory
TIDMPLEI TIDMADE
Pantheon Leisure plc / Epic: PLEI / Market: AIM / Sector: Leisure
7 October 2009
Pantheon Leisure plc (`Pantheon' or `the Company')
Related Party Transaction
Pantheon Leisure plc, the AIM quoted company formed to acquire businesses in
the leisure sector, has provided GBP50,000 of bridging funding to ADDleisure
plc's (`ADDleisure') wholly owned subsidiary Fitbug Limited (`Fitbug')
alongside two directors of ADDleisure (`the Lenders') as part of a GBP250,000
bridging finance (`the Facility'). This Facility will be used for general
working capital, research and development to leverage the Fitbug product into
new markets and geographic territories. The Facility is being provided interest
free providing the entire amount is repaid on successful completion of a
proposed placing to be undertaken by ADDleisure on or before 31 January 2010.
If the Facility is not repaid by 31 January 2010, an interest rate equal to
LIBOR plus 5 per cent. per annum will become payable. The Facility shall
thereafter be repayable on demand.
The bridging finance provided by two directors of ADDleisure, and Pantheon (a
substantial shareholder of ADDleisure within the meaning of the AIM Rules) is a
related party transaction within the meaning of the AIM Rules. Bill Weston and
Irvin Fishman, being the independent directors for the purpose of the grant of
bridging finance, having consulted with Seymour Pierce Limited, the Company's
Nominated Adviser, considers the terms of the bridging finance fair and
reasonable.
* * ENDS * *
For further information please visit www.pantheonleisure.com or contact:
Geoffrey Simmonds Pantheon Leisure plc Tel: 020 7935 0823
Mark Percy Seymour Pierce Limited Tel: 020 7107 8000
Susie Callear St Brides Media & Finance Limited Tel: 020 7236 1177
END
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