Prime Active Capital PLC Extension of Mosaic Loan Facility (5122J)
June 12 2014 - 9:01AM
UK Regulatory
TIDMPACC
RNS Number : 5122J
Prime Active Capital PLC
12 June 2014
Prime Active Capital plc ('PAC" or "the Company")
12 June, 2014
Further to its announcement of 23 May 2014, PAC announces that
Mosaic Print Management has agreed a three month extension of the
GBP1 million one year secured loan facility which matured in May,
2014 (the "Mosaic Loan Facility"). This facility is, with immediate
effect, extended until 31 August 2014. The Mosaic Loan Facility
will now be subject to a late payment fee of GBP65,000 which will
be added to the principal outstanding making the total amount due
on 31 August of GBP1,065,000. PAC will continue to pay interest at
the agreed previous rate (15%) with interest payments calculated on
the sum of GBP1,065,000 million.
The extension will allow PAC further time to consider its
options in relation to the repayment of the Mosaic Loan Facility
including a sale of all or part of the Group's stores or other
forms of refinancing.
As Mosaic Print Limited is owned by Mr. Anthony Gill and Mr.
Steve Smith, who are both directors of PAC and, in the case of Mr.
Gill, also the largest shareholder in PAC, the amendment of the
terms of the Mosaic Loan Facility is considered a related party
transaction under the AIM Rules and the ESM Rules. Mr. Dermot
Martin, the remaining director of PAC who is not connected with
Mosaic Print Management, having consulted with PAC's Nominated
Adviser and ESM Adviser, considers that the terms of the
transaction are fair and reasonable insofar as its shareholders are
concerned.
For further information, contact:
Prime Active Capital plc Tel: + 353 1 295 9895
Dermot Martin
Nominated Adviser Tel: + 353 1 6796363
Davy Corporate Finance
Eugenée Mulhern/Anthony Farrell
This information is provided by RNS
The company news service from the London Stock Exchange
END
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