Related Party Transaction

RNS Number:5855J
Deep-Sea Leisure PLC
10 December 2007


Deep Sea Leisure PLC ("DSL" or the "Company")

Related Party Transaction

10 December 2007

The Company announces that it has entered into two separate loan agreements with
a fellow group company Aspro Ocio Group S.A. ("Aspro").

The first of the loan agreements, entered into in March 2007, was for a sum of
#2 million. Interest on the loan has been charged at a rate of 5.25% for the
duration of the loan. DSL entered into a second loan agreement in May 2007 to
provide Aspro with a further #0.5 million, and interest has been charged at a
rate of 1 per cent. above the Bank of England Base Rate for the duration of the
loan. Under the terms of DSL's existing banking agreements, interest is earned
on cash deposits at a rate of Natwest base rates less 1 per cent.

Both of the loans and the interest payments were due to be repaid in full by
Aspro by 30 September 2007. However, on 27 September 2007, DSL agreed to extend
these loan facilities until 30 March 2008. The outstanding interest payment of
#71,000 was received by DSL on 2 October 2007 and a new interest rate set at the
Bank of England Base Rate less 0.25 per cent. was agreed to be charged on the
total outstanding loan amount of #2.5 million for the duration of the loan.

The loans to Aspro are classified as related party transactions for the purposes
of the AIM Rules as a consequence of Net-Ein S.A, being a subsidiary of Aspro
and a substantial shareholder, and DSL's non-executive Chairman, Angel
Barrachina and non-executive Director Carlos Marina also being Directors of
Aspro.

Messrs Marina and Barrachina have taken no part in the Board's consideration of
the transaction.

In accordance with the AIM Rules, the independent directors of DSL, being
non-executive Director Michael Denny and Finance Director Sue Elaiho, having now
consulted with the Company's Nominated Adviser, Brewin Dolphin Limited, consider
the terms of each of the loan agreements, and the variations thereto, to be fair
and reasonable insofar as the Company's shareholders are concerned. In advising
the Independent Directors Brewin Dolphin has taken account of the Independent
Directors' commercial assessment of the transaction.

Ends

Contact
Deep Sea Leisure PLC
Sue Elaiho                                    0151 357 8804

Brewin Dolphin Limited
Neil Baldwin / Alison Barrow                  0845 270 8600


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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