Loan from related party (9752Y)
08 Mars 2012 - 1:32PM
UK Regulatory
TIDMSCO
RNS Number : 9752Y
Scotty Group SE
08 March 2012
8 March 2012
SCOTTY Group SE
("SCOTTY" or the "Group")
Loan Facility & Related Party Transaction
SCOTTY announces that, on 17 February 2012, it entered into a
short-term loan agreement with Steirischer Technologie und
Wachstumsfonds Beteiligungs AG ("STWB") providing the Group with a
working capital facility of up to GBP300,000. The loan bears
interest at a rate of 9 per cent. per annum and is repayable on 21
May 2012. As at 8 March 2012, the Group has drawn down the loan in
full.
STWB is a company in which Dr Ernst Wustinger, Chairman of
SCOTTY, owns 55 per cent. of the issued share capital. Accordingly,
the loan agreement is a related party transaction as defined in the
AIM Rules. The Directors of SCOTTY, other than Dr Wustinger,
consider, having consulted with Cairn Financial Advisers LLP, the
Company's nominated adviser, that the terms of the transaction are
fair and reasonable insofar as the Group's shareholders are
concerned.
Enquiries:
SCOTTY Group SE
Kurt Kerschat, CEO +43 316 409 426
Nominated Adviser
Cairn Financial Advisers LLP
Tony Rawlinson / Avi Robinson +44 20 7148 7900
Broker
Northland Capital Partners Limited
Katie Shelton +44 20 7796 8800
This information is provided by RNS
The company news service from the London Stock Exchange
END
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