MAMA Mama

 

TIDMMAMA 
 
RNS Number : 0570W 
MAMA Group Plc 
22 July 2009 
 

 
 
MAMA Group Plc 
 
 
22 July 2009 
 
 
MAMA Group Plc 
 
 
Amendment and restatement of loan note instrument and issue of new loan notes 
 
 
MAMA Group Plc ("MAMA" or "the Company") announces that it has entered into 
arrangements under which Pacific Capital S.a.r.l ("Pacific Capital"), a 
shareholder of the Company, may provide debt funding of up to GBP10,000,000 to 
the Company to strengthen the balance sheet and provide the Company with greater 
financial flexibility going forward. 
 
 
The Company has previously issued a loan note instrument, dated 22 December 
2008, which constituted GBP1,500,000 loan notes (the "Original Loan Notes") 
issued to Pacific Capital. The Original Loan Notes remain issued and continue to 
be held by Pacific Capital. The new loan note instrument amends and restates the 
terms of the Original Loan Notes and, further, creates an additional 
GBP8,500,000 loan notes (the "Additional Loan Notes" and, together with the 
Original Loan Notes, the "Loan Notes"). 
 
 
Further to these arrangements, the Company has issued GBP1,000,000 Additional 
Loan Notes to Pacific Capital.  In the event that all of the Additional Loan 
Notes are issued to Pacific Capital, MAMA will then have available to it 
GBP10,000,000 (including the GBP1,500,000 Original Loan Notes issued in December 
2008). The Company is, however, not required to issue Loan Notes in the full 
amount and will only issue further Loan Notes if it considers it to be in its 
best interests and those of its shareholders. 
 
 
Under the terms of the new loan note instrument, the Company may redeem any of 
the Loan Notes in issue at any time and must redeem the Loan Notes by 31 
December 2009 or before then in circumstances where the Company makes a material 
disposal of its assets. The Original Loan Notes carry a rate of interest equal 
to 1.75% above 3 month LIBOR from the date of their issue to the date of the 
amendment and restatement agreement. Going forward, the Loan Notes will carry a 
rate of interest equal to 2% above 6 month LIBOR and accrued interest is payable 
on the date of redemption of the Loan Notes. 
 
 
Pacific Capital holds 212,520,000 ordinary shares in MAMA, representing 26.30% 
of the total shares in issue. As such, under the AIM Rules for Companies, 
Pacific Capital is treated as a related party of MAMA. The Directors of MAMA 
consider, having consulted with Panmure Gordon (UK) Limited, MAMA's nominated 
adviser, that the terms of the Loan Notes, as amended and restated, are fair and 
reasonable insofar as its shareholders are concerned. 
 
 
For further information contact: 
 
 
 
 
+--------------------------------------------------+---------------------+ 
| Adam Driscoll or Dean James, Co-Chief Executives |                     | 
+--------------------------------------------------+---------------------+ 
| MAMA Group Plc                                   | 020 7688 9000       | 
+--------------------------------------------------+---------------------+ 
|                                                  |                     | 
+--------------------------------------------------+---------------------+ 
| Katherine Roe                                    |                     | 
+--------------------------------------------------+---------------------+ 
| Panmure Gordon & Co                              | 020 7459 3600       | 
+--------------------------------------------------+---------------------+ 
|                                                  |                     | 
+--------------------------------------------------+---------------------+ 
| Mark Longson                                     |                     | 
+--------------------------------------------------+---------------------+ 
| Square1 Consulting Limited                       | 020 7929 5599       | 
+--------------------------------------------------+---------------------+ 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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