Weather Lottery PLC (The) Provision of Loan (5401Y)
25 Février 2013 - 8:01AM
UK Regulatory
TIDMTWL
RNS Number : 5401Y
Weather Lottery PLC (The)
25 February 2013
THE WEATHER LOTTERY PLC
('TWL or the 'Company')
Provision of Loan
25 February 2013
In the Company's announcement of 11 January 2013, the Company
advised that the Gambling Commission had undertaken a review over
the lottery operator licence held by its subsidiary company, Prize
Provision Services Limited ("PPS"). Further to the review the Board
will increase the level of capital held by PPS. The Company expects
to meet all Gambling Commission requirements which will ensure the
lottery is fully compliant with the Commission Code of Conduct.
J S Williams, a Substantial Shareholder (as defined by the AIM
Rules for Companies) and a director of PPS, has made a loan to the
Company to facilitate this increase in the capital held by PPS (the
"Loan"). The key terms of the Loan are as follows:
-- Amount - GBP90,000.
-- Term - 3 months.
-- Interest Rate - 2% per month, not compounded, calculated on a daily basis.
-- Security - A charge over the Company's shares in PPS.
If the Loan is not repaid at the end of the term, Mr Williams
has the option to request that the Loan is converted into ordinary
0.1p shares in the Company ("Ordinary Shares") at the average
closing mid-market price of the Ordinary Shares on AIM for the
three business days prior to the expiry of the term, subject to a
minimum conversion price of 0.1p per Ordinary Share. The Loan is
subject to immediate repayment in the event of a change of control
(within the meaning of section 1124 of the Corporation Tax Act
2010). The Directors of the Company consider, having consulted with
Allenby Capital Limited, the Company's nominated adviser, that the
terms of the Loan are fair and reasonable insofar as shareholders
are concerned.
The Board is in discussions with its advisers over the provision
of longer term financing to replace the Loan, whilst also
considering possible transactions which are hoped will deliver
significant shareholder value if completed. The Board is optimistic
that its present discussions will assist in a fundraising and give
a new impetus to TWL following the settlement of the historic
problems in the Lottery created by the way it was operated under
previous management over the past years.
For further information contact
The Weather Lottery PLC
John Botros (Company Secretary) 07714 209 346
Allenby Capital (Nomad)
Nick Harriss/Nick Athanas 020 3328 5656
SVS Securities (Broker)
Ian Callaway 020 7638 5600
This information is provided by RNS
The company news service from the London Stock Exchange
END
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