Director's loan agreement (3898Y)
21 Dezembro 2010 - 1:28PM
UK Regulatory
TIDMWEST
RNS Number : 3898Y
Western & Oriental plc
21 December 2010
21 December 2010
Western & Oriental plc ("the Company")
Director's loan agreement
Within the Preliminary Announcement of Results for the year
ended 30 September 2010, the Company announced that in order to
increase the Group's liquidity, the Company had entered into an
unconditional contract with an existing shareholder under the terms
of which the shareholder would provide the Company with a loan of
at least GBP0.8 million to the Company by 30 December 2010 for
general working capital purposes.
The shareholder who provided the undertaking was Mr Rajinder
Kumar. Mr Kumar was appointed a director of the Company on 30th
November 2010. GBP150,000 of the initial undertaking has already
been loaned to the Company and the Company and Mr Kumar have now
agreed revised terms for the agreement under which the remaining
GBP650,000 will be loaned to the Company immediately in the form of
an interest free loan and the term of the loan will be reduced to a
period ending on 31 January 2011 (the "Transaction"). The Company
will have the option to repay the funds in cash or in the form of
new shares issued to Mr Kumar at a price of 1.2 pence per
share.
Mr Kumar is deemed to be a related party for the purposes of AIM
rule 13 in relation to the changes to the agreement now being made.
The Company's directors, with the exception of Mr Kumar, who is
involved in the Transaction as a related party, consider having
consulted with its nominated adviser, that the terms of the
Transaction are fair and reasonable insofar as its shareholders are
concerned.
Enquiries:
Western & Oriental plc
Andrew Neil +44 207 581 1655
Collins Stewart
Adrian Hadden 020 7523 8350
About Western & Oriental plc
Western & Oriental is a specialist luxury travel group with
a number of established high quality brands. The company was
admitted to trading on AIM under the ticker symbol WEST in March
2006. The Group acts as a tour operator, travel agent and
conference and incentive organisers, offering a premium service for
tailor-made and specialist packaged holiday programmes to
destinations worldwide.
For more information on Western & Oriental and its
individual luxury travel brand websites, go to
www.westernorientalplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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