Malvern International PLC New Loans (2117Y)
December 04 2017 - 2:00AM
UK Regulatory
TIDMMLVN
RNS Number : 2117Y
Malvern International PLC
04 December 2017
4 December 2017
MALVERN INTERNATIONAL PLC
("Malvern" or the "Company")
New Loans
Malvern International plc (AIM: MLVN), the provider of
educational services in the UK, Europe and Asia, announces that it
has entered into loan agreements with its two major shareholders,
KSP Investments Pte Ltd ("KSP") and CG Corp, whereby KSP and CG
Corp will each loan the Company GBP250,000 (the "Loans"). The Loans
are unsecured, accrue no interest and have no fixed repayment
date
The Loans are expected to be fully drawn by the end of December
with circa 60% of the proceeds being used towards funding new
projects and 40% helping toward working capital requirements at
SAA-GE, the acquisition the Company made in October 2017. The
investment in SAA-GE is a temporary requirement as management seeks
to strengthen operations and increase enrolment revenue by
proceeding with various changes and initiatives. The investment
towards the online projects relate to the announced English is Fun
project (learning English through Games in collaboration with
Oxford University Press) and another online Project Malvern is
currently working on.
KSP and CG Corp are each substantial shareholders in the Company
and therefore the loan agreements with them are classified as
related party transactions for the purposes of AIM Rule 13. The
independent directors in respect of each transaction consider,
having consulted with WH Ireland Limited, the Company's nominated
adviser, that the terms of the Loans are fair and reasonable
insofar as the Company's shareholders are concerned.
This announcement includes inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations
ENDS
Contacts:
Malvern International plc www.malverninternational.com
Haider Sithawalla +65 64120733
Dr Sam Malafeh +65 83860155
WH Ireland Limited Nominated Adviser & Broker
Mike Coe, Ed Allsopp +44 (0) 117 945 3470
.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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