TIDMCEPS

RNS Number : 3313Z

CEPS PLC

20 May 2021

20 May 2021

CEPS PLC

("CEPS" or the "Company")

Third party loan and related party transaction

The Board of CEPS announces that on 20 May 2021 it entered into a loan agreement ("Loan Agreement") with a third party for GBP2,000,000 ("Loan"). On drawdown, which is anticipated to be on or around 28 June 2021, the Loan will be used to repay an existing GBP2,000,000 loan ("Existing Loan") from another third party which falls due for repayment on 30 June 2021. The Existing Loan was originally due for repayment on 31 October 2020, as announced to the market on 7 October 2019, but this date was later extended to 30 June 2021.

The Loan carries interest at an annual rate of 7 per cent accruing daily and payable in arrears on 31 March, 30 June, 30 September and 31 December. The Loan is repayable on or before 30 June 2022.

CEPS' obligations in respect of the Loan have been guaranteed by Mr David Horner, a director of the Company. Given that David Horner is a director of the Company, the provision of the guarantee is considered to be a related party transaction pursuant to AIM Rule 13. The directors of the Company who are considered independent for the purposes of the Loan Agreement, having consulted with the Company's nominated adviser, Cairn Financial Advisers LLP, consider the guarantee of the Loan by David Horner to be fair and reasonable insofar as the Company's shareholders are concerned.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018).

The Directors of the Company accept responsibility for the content of this announcement.

Enquiries:

 
 CEPS PLC 
  Vivien Langford, Group Finance 
  Director                            +44 1225 483030 
 Cairn Financial Advisers LLP 
  James Caithie / Sandy Jamieson 
  / 
  Ludovico Lazzaretti                 +44 20 7213 0880

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identi ed by their use of terms and phrases such as "believe", "could", "should" "envisage", "estimate", "intend", "may", "plan", "potentially", "expect", "will" or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements re ect the Directors' current beliefs and assumptions and are based on information currently available to the Directors .

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END

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(END) Dow Jones Newswires

May 20, 2021 08:54 ET (12:54 GMT)

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