Concha plc Update on Churchill Media Limited Loan (3658P)
01 Outubro 2013 - 4:17AM
UK Regulatory
TIDMCHA
RNS Number : 3658P
Concha plc
01 October 2013
01 October 2013
Concha PLC
("Concha" or the "Company")
Update on Churchill Media Limited Loan
Concha provides the following update regarding its loan to
Churchill Media Limited ("CML").
On 13 March 2012, Concha entered into a loan facility agreement
with Churchill Media Limited ("CML") for an initial period of ten
months (the "Loan Agreement"). As announced previously, the loan
was extended on 13 January 2013 and again, with revised terms, on
13 March 2013. The loan has an outstanding balance of GBP750,000
plus accrued interest of cGBP50,000. The loan and accrued interest
were due for repayment on or before 30 September 2013. The loan
bears interest at the rate of 6% above LIBOR and is secured against
the assets of CML which comprise investments in a number of TMT and
media businesses.
Concha stated in an announcement on 8 August 2013 that it had
commenced a dialogue with CML regarding its ability to satisfy
repayment of the loan either in cash or through an exchange for
interests in investments held by CML or its associates. The Company
can now confirm that, whilst discussions remain ongoing, CML has
failed to repay the outstanding balance and accrued interest
related to this loan by 30 September 2013. Accordingly, a notice of
default has been issued today by Concha to CML.
Whilst Concha continues discussions with CML and its sole
director and shareholder, Richard Thompson, Concha reserves the
right to exercise all or any of its rights and remedies under the
security it holds in respect of the loan.
Further updates will be provided as appropriate.
Update re Moshen Limited Investment
Further to the announcement on 6 September 2013, that an
administrator had been appointed to Moshen Limited ("Moshen"), the
Company now expects that a liquidator will be appointed at a
hearing to be held on 14 October 2013. Concha remains in
discussions with a view to recovering value from the Moshen
business for Concha and will provide further updates as
appropriate.
Enquiries:
Concha PLC chris.akers@srgplc.com
Chris Akers, Executive Chairman
Strand Hanson Limited (Nominated Adviser and Joint Broker) 020 7409 3494
James Harris
Andrew Emmott
Ritchie Balmer
PeterHouse Corporate Finance (Joint Broker) 020 7926 0935
Jon Levinson
Lucy Williams
Cadogan PR (Financial PR) 07771 713 608
Alex Walters
This information is provided by RNS
The company news service from the London Stock Exchange
END
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