Reconstruction Capital II Ltd Loan Arrangement (7516N)
February 02 2021 - 9:00AM
UK Regulatory
TIDMRC2
RNS Number : 7516N
Reconstruction Capital II Ltd
02 February 2021
02 February 2021
Reconstruction Capital II Limited
Loans to Telecredit IFN S.A.
Reconstruction Capital II Limited (the "Company") announces that
on 10 November 2020 the following parties entered into agreements
to provide unsecured loans to Telecredit IFN S.A. ("Telecredit")
(the "Loans"): New Europe Capital SRL (a company majority-owned by
Ion Florescu who is a significant shareholder in the Company)
EUR120,000; Mihai Radoi (director of the Company) EUR60,000; and
Elisa Rusu (CEO of Telecredit) EUR20,000. The Loans mature in
August 2021 and carry an annual interest rate of 8.75% and were
granted to support the working capital requirements of Telecredit
related to its SMEs factoring and discounting operations. The Loans
constitute a related party transaction pursuant to Rule 13 of the
AIM Rules for Companies. Paolo Bassetti, the sole non conflicted
director of the Company (Zoran Melovski being a director of
Portadrix Investments Limited, the majority shareholder of New
Europe Capital SRL), having consulted with the Company's nominated
adviser, Grant Thornton UK LLP, considers that the terms of the
Loans are fair and reasonable insofar as the Company's shareholders
are concerned. Subsequently, the Company secured from unconnected
persons on 16 November 2020 an additional EUR40,000 on the same
terms as the Loans, and on 12 December 2020 an additional
EUR150,000 maturing in December 2021 at an annual interest rate of
10%.
For further information, please contact:
Reconstruction Capital II Limited
Cornelia Oancea / Anca Moraru
Tel: +40 21 3167680
Grant Thornton UK LLP (Nominated Adviser)
Philip Secrett
Tel: +44 (0) 20 7383 5100
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