CEPS PLC Extension of existing related party loan (9756J)
May 03 2022 - 1:01AM
UK Regulatory
TIDMCEPS
RNS Number : 9756J
CEPS PLC
03 May 2022
3 May 2022
CEPS PLC
("CEPS" or the "Company")
Extension of existing related party loan
The repayment date of the loan from Chelverton Asset Management
Limited (the "CAM Loan") to CEPS which stands at GBP2,950,000
(which was originally announced on 2 June 2020 with subsequent
extensions to its repayment date) has been changed from 31March
2023 to being on a rolling eighteen-month basis with effect from 29
April 2022. All other terms of the CAM Loan remain the same
including that it carries an interest rate of 5 per cent. accruing
daily and payable in arrears on 31 March, 30 June, 30 September and
31 December.
CEPS' obligations in respect of the CAM Loan have been
guaranteed by Mr David Horner. As David Horner is a director of the
Company and, therefore, deemed to be a related party pursuant to
the AIM Rules for Companies, is a 14.06% shareholder and, together
with his family, owns 55.25% of CAM Holdings Limited, which owns
100% of Chelverton Asset Management Limited (which is, therefore,
itself a related party), both the extension of the CAM Loan, and
the provision of the guarantee, are considered to be related party
transactions pursuant to AIM Rule 13. The directors of the Company
who are considered independent for the purposes of the CAM Loan and
the guarantee of the CAM Loan by David Horner, being Geoff Martin,
David Johnson and Vivien Langford, having consulted with the
Company's nominated adviser, Cairn Financial Advisers LLP, consider
the CAM Loan and the guarantee of the CAM 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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