Veltyco Group PLC Directors provide loan, update on own brand launch (5817U)
April 01 2019 - 1:00AM
UK Regulatory
TIDMVLTY
RNS Number : 5817U
Veltyco Group PLC
01 April 2019
1 April 2019
Veltyco Group plc
("Veltyco", the "Company" or the "Group")
Directors' Loans to the Company and update on launch of own
regulated brand
Veltyco Group plc (AIM: VLTY), the online marketing company for
the gaming industry, announces that it has entered into separate
loan agreements with three of its directors, being Paul Duffen,
Marcel Noordeloos and Mark Rosman, pursuant to which each director
will provide a loan of EUR166,667 to the Company, totalling
EUR500,000, which will be used to provide additional working
capital to the Group (the "Loans"). The Loans, which are unsecured,
are for a term of three years and will accrue interest at 5% per
annum over the term of the Loans. The Loans can be repaid on or
before 31 March 2022 at the Company's election.
Mark Rosman, Paul Duffen and Marcel Noordeloos as directors of
the Company are deemed to be related parties of the Company
pursuant to the AIM Rules for Company's ("AIM Rules") and the Loans
are therefore related party transactions for the purposes of Rule
13 of the AIM Rules. Rainer Lauffs, being the independent director
for the purposes of the Loans, considers, having consulted with
Strand Hanson Limited, the Company's nominated adviser, that the
terms of the Loans are fair and reasonable insofar as Veltyco's
shareholders are concerned.
The Nestegg BV, a company wholly owned by Mark Rosman, has
loaned the funds being lent by each of Paul Duffen, Mark Rosman and
Marcel Noordeloos to the aforementioned directors to enable them to
make the Loans.
Further to the Company's announcement of 31 December 2018, it
confirms that whilst it continues to work towards the launch of its
own regulated online financial trading brand, the timing of such
launch is currently not certain. The Company will keep shareholders
updated in this regard as appropriate.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
For further information please contact:
Veltyco Group Plc +44 (0)1624 605 764
Paul Duffen, Chairman
Marcel Noordeloos, Chief Financial Officer
Strand Hanson Limited (Nominated Adviser) +44 (0)20 7409 3494
James Harris / Richard Tulloch / James Dance
Whitman Howard Ltd (Broker) +44 (0)20 7659 1234
Nick Lovering / Christopher Furness
IFC Advisory (Financial PR & IR) +44 (0)20 3934 6630
Graham Herring / Miles Nolan / Zach Cohen
About Veltyco
Veltyco is a group of companies focused on generating marketing
leads and entering into marketing contracts for the activities of
various partners in the gaming industry as well as operating its
own brands. Veltyco focuses on complementary activities under one
umbrella, leveraging its historical cash generative activities of
marketing online casinos and sports betting.
Website: www.veltyco.com
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END
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