Replacement: Related Party Transaction
February 11 2010 - 12:54PM
UK Regulatory
TIDMMPS
RNS Number : 0503H
Minorplanet Systems PLC
11 February 2010
The following amendment has been made to the 'Related Party Transaction'
announcement released on 11 February 2010 at 16.55 under RNS No 0452H.
The text in square brackets has been deleted.
All other details remain unchanged
Minorplanet Systems plc ("Minorplanet" or the "Company")
Related Party Transaction
Minorplanet is pleased to announce that it has secured a loan from its Chief
Executive, Mr Terry Donovan, who, for the purposes of this transaction, is
regarded as a related party of the Company under the AIM Rules.
The loan is for the sum of GBP300,000 and is repayable over 24 months,
commencing on 4 June 2010. It bears an interest rate of 8% over Barclays Bank
Plc's base rate and is secured by a debenture over the assets of the Company and
certain of its subsidiaries. The loan was made to assist the general working
capital requirements of the Company.
The securing of this loan from Mr Terry Donovan is a Related Party Transaction
for the purpose of AIM Rule 13. The Directors consider, having consulted with
Shore Capital and Corporate Limited, the Company's Nominated Adviser, that the
terms of the related party transaction are fair and reasonable insofar as the
Company's shareholders are concerned.
This transaction is one of a series of proposed actions designed to return the
Group to financial stability and profitability. Details of these proposed
actions and an update on the Company's trading and financial position will be
provided as part of the 2009 Preliminary Announcement, which is expected in late
February 2010.
+---------------------------+---------+----------------------------------+
| Minorplanet Systems plc | Tel: | 0113 346 7777 |
+---------------------------+---------+----------------------------------+
| Terry Donovan, Chief | terry.donovan@minorplanet.com |
| Executive | |
+---------------------------+--------------------------------------------+
| Richard Hopkin, Finance | richard.hopkin@minorplanet.com |
| Director | |
+---------------------------+--------------------------------------------+
| | | www.minorplanet.com |
+---------------------------+---------+----------------------------------+
| | | |
+---------------------------+---------+----------------------------------+
| Shore Capital & Corporate | Tel: | 020 7408 4090 |
| Ltd | | |
+---------------------------+---------+----------------------------------+
| Guy Peters | | |
+---------------------------+---------+----------------------------------+
| Edward Mansfield | | |
+---------------------------+---------+----------------------------------+
| | | |
+---------------------------+---------+----------------------------------+
| Rawlings Financial PR | Tel: | 01653 618 016 |
| Limited | | |
+---------------------------+---------+----------------------------------+
| Catriona Valentine | | catriona@rawlingsfinancial.co.uk |
+---------------------------+---------+----------------------------------+
| | | www.rawlingsfinancial.co.uk |
+---------------------------+---------+----------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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