Related party loan
Group raises GBP120,000 via unsecured loan from CEO's wife at 10.85% over 48 months.
- Loan amount GBP120,000
- Interest rate 10.85% pa
- Term 48 months
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The Group is pleased to announce that it has agreed to raise a further GBP120,000 pursuant to a loan agreement ("Loan", "Loan Agreement", "Fundraising").
The Board considers the Fundraising to be a prudent course of action in case the Group's markets continue to be challenging for an extended period. The proceeds from the Loan will therefore be used to provide the Group with additional working capital.
The Loan Agreement, which will be drawn down fully when required by the Company, will be provided by Yuriko Starr, the wife of the Group CEO.
The Loan is unsecured and ranks behind the Company's other existing debt in terms of capital repayments. The Loan carries an interest coupon of 10.85 percent pa over the term of 48 months. Interest will be payable quarterly in arrears and will be satisfied in cash. Capital and interest may be paid in full or in part at the discretion of the Company at any time during the term of the loan.
The issue of the Loan Agreement constitutes a related party transaction under AIM Rule 13. The independent Directors of the Company, having consulted with Zeus Capital Limited, the Company's nominated adviser, consider that the terms of the Loan Agreement are fair and reasonable insofar as Dillistone shareholders are concerned.
Voyager Software: https://www.voyagersoftware.com
Online Timesheets: https://www.voyagersoftware.com/online-timesheets/
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.