IDE Group Holdings PLC Related Party Short-Term Loan (8937U)
08 Dezembro 2021 - 4:00AM
UK Regulatory
TIDMIDE
RNS Number : 8937U
IDE Group Holdings PLC
08 December 2021
IDE Group Holdings Plc
("IDE", the "Group" or the "Company")
Related Party Short-Term Loan
IDE Group Holdings plc, the mid-market network, cloud and IT
managed services provider, announces it has entered into a
short-term loan agreement with MXC Capital.
The loan is for GBP1,000,000, carries an arrangement fee of
3.75% and the interest rate varies between 1.5%-3% according to the
repayment date, with the rate being lower for quicker repayment.
The Company expects to repay the loan by the 31 March 2021. Should
it not be repaid by this date, the terms will revert to the same
terms as the outstanding loan notes, details of which have
previously been announced on the 10(th) January 2019. The loan will
be unsecured and subordinated to the outstanding loan notes.
MXC Capital is deemed to be a related party of the Company
pursuant to the AIM Rules for Companies (the "AIM Rules") as they
are a substantial shareholder and because Ian Smith, CEO of MXC is
Executive Director of IDE.
Andy Parker, being the sole independent director for these
purposes considers, having consulted with the Company's nominated
adviser, finnCap, that the terms of the related party transaction
are fair and reasonable insofar as the shareholders of the Company
are concerned.
Contacts:
IDE Group Holdings Plc Tel: +44 (0)344
Andy Parker, Non-Executive Chairman 874 1000
finnCap Limited Tel: +44 (0)20
Nominated Adviser and Broker 7220 0500
Corporate finance: Jonny Franklin-Adams/
Abby Kelly
ECM: Tim Redfern/ Richard Chambers
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END
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