GBP55,000 Secured Loans from Directors
03 Agosto 2010 - 10:05AM
UK Regulatory
TIDMHML
RNS Number : 4533Q
Henderson Morley PLC
03 August 2010
3 August 2010
HENDERSON MORLEY PLC
("Henderson Morley" or the "Company")
(AIM: HML)
GBP55,000 SECURED LOANS FROM DIRECTORS
Henderson Morley plc, the Aim quoted biotechnology company, announces that it
has today agreed terms to secure GBP27,500 and GBP27,500 respectively of secured
loans ("Loan(s)") from Andrew Knight and Ian Pardoe, Executive Directors of the
Company ( the "Lenders").
Reason for the Loans
As previously announced, the Company is (and remains) in discussion with Mr
Knight, Dr Pardoe and other parties to raise further funds ("Funding") to
enable the Company to meet operational expenses up until the point at which the
Board expects the disposal ("Disposal") of the intellectual property in relation
to the Company's ICVT human portfolio to takes place .
A form of Funding currently under discussion may involve the issue of
convertible loan notes and warrants to subscribers. No firm agreement has yet
been reached and the final form of Funding, if concluded, may not take this
form. The quantum of the Funding sought will depend upon the Board's expectation
of the point at which the Disposal is expected to occur.
Given the Company's cash position, Loans totalling GBP55,000 have been put in
place to allow the Company time to finalise further Funding arrangements.
Principal terms of Loans
The principal terms of the Loans are as follows:
Amount : Initial Loan of GBP55,000, with an agreement in place to advance more
funds to the Company from the Lenders, as agreed between the parties, and under
the same terms and conditions
Term : 12 months, but repayable on demand.
Security : secured by way of a first ranking debenture over the assets,
property, goodwill, uncalled capital of the Company and its subsidiaries, and a
cross guarantee to be entered into by the Company and its subsidiaries;
Coupon : 8 per cent. over base rate per annum, payable monthly in arrears;
increasing to 12 per cent over base rate if any interest payment is missed;
Arrangement Fee : GBP5,000.
As Mr Knight and Dr Pardoe are classed as "related parties" under the AIM Rules
for Companies, their participation in this transaction falls to be treated as a
related party transaction under AIM Rule 13. As such, Chris Pate and Professor
Michael Fowler, the independent directors on the Company's Board, having
consulted with the Company's nominated adviser, believe that the terms of this
transaction are fair and reasonable insofar as shareholders are concerned.
KMS Therapeutics ("KMS")
The Company expects to update shareholders and the market on the status of
negotiations with KMS by no later than close of business on Thursday 4 August.
-END-
Enquires:
HENDERSON MORLEY PLC
Andrew Knight, Chairman
0121 442 4600
Chris Pate, Independent
Director 0121 444 5309
BREWIN DOLPHIN CORPORATE ADVISORY & BROKING
Neil Baldwin
0845 213 4726
BISHOPSGATE COMMUNICATIONS LTD
Maxine Barnes
0207 562 3350
Gemma O'Hara
This information is provided by RNS
The company news service from the London Stock Exchange
END
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