Gusbourne PLC Related Party Transaction (8687X)
23 12월 2019 - 10:38PM
UK Regulatory
TIDMGUS
RNS Number : 8687X
Gusbourne PLC
23 December 2019
23 December 2019
Gusbourne Plc
("Gusbourne", the "Company" or the "Group")
Related Party Transaction
Gusbourne (AIM: GUS) announces that its subsidiary undertaking
Gusbourne Estate Limited has entered into an agreement with Franove
Holdings Limited (the "Lender"), a company wholly owned by Paul
Bentham, a Non-Executive Director of Gusbourne, to receive an
unsecured short-term loan facility (the "Loan") of GBP1,250,000
(the "Loan Agreement") which is repayable on 10 December 2020 (or
earlier at the Company's option).
The Loan will be used to provide working capital for the Company
and will be drawn down in a singular transaction. Interest is
payable on repayment of the debt at 15% per annum.
Subject to Barclays Bank Plc's prior ranking security and
Barclays Bank Plc's consent it is intended that the Loan will be
refinanced by a new loan (the "Replacement Loan") secured by a
debenture and a legal charge from Gusbourne Estate Limited and is
guaranteed by Gusbourne plc. The repayment term of the Replacement
Loan will be the same as the Loan but interest will be payable on
repayment of the debt at 10.5% per annum, unless the debt is repaid
within 3 months, in which case it will be 15% pa, or between 3-6
months, in which case it will be 12.5% pa.
In line with the Company's long term development strategy,
additional longer term funding will be sought from investors and
debt providers to fund ongoing growth of the Company's operations
and asset base and to enable repayment of the Replacement Loan on
or before 10 December 2020.
The Company will provide further updates in relation to the
Replacement Loan in due course.
The Loan Agreement constitutes a related party transaction under
Rule 13 of the AIM Rules. The Directors of the Company, having
consulted with Canaccord Genuity Limited in its capacity as the
Company's nominated adviser for the purposes of the AIM Rules,
consider the terms of the transaction to be fair and reasonable
insofar as the Company's shareholders are concerned.
For further information contact:
Gusbourne Plc
Charlie Holland +44 (0)1233 758 666
Canaccord Genuity Limited
Bobbie Hilliam
Georgina McCooke +44 (0)20 7523 8000
Note: This announcement and other press releases are available
to view at the Company's website: www.gusbourneplc.com
Note to Editors
Gusbourne PLC ("the Company") is engaged, through its wholly
owned subsidiary Gusbourne Estate Limited (together the "Group"),
in the production and distribution of a range of high quality and
award winning English sparkling wines from grapes grown in its own
vineyards in Kent and West Sussex. The majority of the Group's
mature vineyards are located at its freehold estate at Appledore in
Kent where the winery is also based.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
December 23, 2019 08:38 ET (13:38 GMT)
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