Loan Agreements
May 06 2010 - 3:49AM
UK Regulatory
TIDMINVU
RNS Number : 4398L
Invu plc
06 May 2010
6 May 2010
Invu plc
Loan Agreements
Invu plc (LSE, AIM: INVU) ('the Company') announces that Tyne & Wear Holdings
Limited ('Tyne & Wear'), Magpie Investments Limited ('Magpie') and Cynthia
Goldman have agreed new loan agreements in full settlement of their existing
Loans to the Company. These loans are to be secured by a second charge on the
assets of the group, carry an interest rate of 12.5 percent per annum and are
repayable on 30 June 2011.
On 18 January 2010 Tyne & Wear entered into a GBP1,049,117 loan facility
repayable with interest on 1 May 2010. Under the new loan agreement Tyne & Wear
will loan the Company GBP1,086,124 in full settlement of the amount due under
the loan of 18 January.
On 18 January 2010 Magpie entered into a GBP510,445 loan facility repayable with
interest on 1 May 2010. Under the new Loan agreement Magpie will loan the
Company GBP528,450 in full settlement of the amount due under the loan of 18
January.
On 22 January 2010 Cynthia Goldman entered into a GBP500,000 loan facility
repayable with interest on 1 May 2010. Under the new Loan agreement Cynthia
Goldman will loan the Company GBP516,952 in full settlement of the amount due
under the loan of 22 January.
Goldman Investments, a company whose majority shareholder is Daniel Goldman the
Chairman of the Company, provides investment advice to both Tyne & Wear and
Magpie. Cynthia Goldman is Daniel Goldman's mother. Therefore given the
potential conflict of interest arising from these relationships, Mr. Goldman has
not participated in the negotiation or approval by the directors of these
Facilities.
Tyne & Wear and Cynthia Goldman are both substantial shareholders of the Company
for the purposes of the AIM Rules for Companies ('AIM Rules') and, as such, are
related parties of the Company.
The entering into of the Facilities with Tyne & Wear and Cynthia Goldman are
classified as transactions with related parties for the purposes of the AIM
Rules. In accordance with the AIM Rules, the directors of the Company, with the
exclusion of Daniel Goldman, having consulted with the Company's nominated
adviser, Canaccord Adams, consider that the terms of the transaction are fair
and reasonable insofar as the Company's shareholders are concerned.
-ends-
For further information please contact:
+-----------------------------------------+----------------+
| Invu plc | 01604 859893 |
+-----------------------------------------+----------------+
| Daniel Goldman, Non Executive Chairman |
+----------------------------------------------------------+
| Colin Gallick, CEO |
+----------------------------------------------------------+
| Ian Smith, CFO |
| |
+----------------------------------------------------------+
| Canaccord Adams | 020 7050 6500 |
+-----------------------------------------+----------------+
| Simon Bridges |
| |
+----------------------------------------------------------+
| Financial Dynamics | 020 7831 3113 |
+-----------------------------------------+----------------+
| Juliet Clarke / Haya Herbert-Burns / Emma Appleton |
+-----------------------------------------+----------------+
About Invu
Invu [LSE, AIM, Symbol: INVU] develops software that incorporates document
management, content management, workflow, automation and collaboration
specialising in solutions for the mid-market and smaller businesses.
Also known as the paperless office, Invu typically gives a return on investment
in under six months, allowing companies to see efficiency savings in terms of
both money and time.
Invu's Open Search integration allows SharePoint users to utilise fully the
benefits of WSS or MOSS whilst retaining the functions of specialist document
and content management.
Invu's solutions enable automated scan, capture and management, processing and
output transformation. Invu also integrates with all major accounting systems
including ERP and CRM systems.
For more information about Invu: www.invu.net
This information is provided by RNS
The company news service from the London Stock Exchange
END
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