Gusbourne PLC Related Party Transaction & Possible Equity Raise (9077P)
31 Mai 2018 - 5:27PM
UK Regulatory
TIDMGUS
RNS Number : 9077P
Gusbourne PLC
31 May 2018
Gusbourne Plc
("Gusbourne" or the "Company")
Related Party Transaction
Potential Equity Raise
As previously announced by the Company, the achievement of the
Group's long-term development strategy continues to depend on the
raising of further funding, whether through debt or equity. The
Company has recently secured interest from a number of potential
investors, and anticipates that it will be able to conclude an
equity raise within the coming months through a subscription of new
ordinary shares in the Company from Lord Ashcroft KCMG PC and other
investors (the "Subscription").
The proceeds from the Subscription will continue to be applied
towards working capital and capital expenditure, in-line with the
Company's long-term strategic plan.
In order to meet the Company's immediate working capital
requirements, Gusbourne has entered into an agreement with Lord
Ashcroft KCMG PC to receive an unsecured loan of GBP1,000,000 (the
"Loan Agreement") which is intended to be repaid in full, through
conversion into new ordinary shares as part of the Subscription,
when it concludes.
If the Subscription does not proceed, or if a subscription price
is not agreed between the Company and Lord Ashcroft by 31 July
2018, the loan and interest will become repayable on demand,
subject to such repayment not being in breach of the Company's
existing facilities with Barclays Bank plc. The loan carries
interest for a period of 3 months following the date of the loan
agreement at the rate of 7% per annum above the base rate as varied
from time to time by Barclays Bank plc, and thereafter at 10% per
annum. Gusbourne may repay the loan or any part of it early but may
not reborrow any amount so repaid.
The Loan Agreement constitutes a related party transaction under
Rule 13 of the AIM Rules as Lord Ashcroft is a substantial
shareholder in the Company.
The Directors of the Company, having consulted with Cenkos
Securities plc in its capacity as the Company's nominated adviser
for the purposes of the AIM Rules, consider the terms of the
transaction to be fair and reasonable insofar as the Company's
shareholders are concerned.
For further information contact:
Gusbourne Plc
Andrew Weeber +44 (0)1233 758 666
Cenkos Securities plc
Nicholas Wells / Callum Davidson +44 (0)20 7397 8920
Note: This announcement and other press releases are available
to view at the Company's website: www.gusbourneplc.com
Note to Editors
Gusbourne PLC ("the Company") is engaged, through its wholly
owned subsidiary Gusbourne Estate Limited (together the "Group"),
in the production and distribution of a range of high quality and
award winning English sparkling wines from grapes grown in its own
vineyards in Kent and West Sussex. The majority of the Group's
vineyards are located at its freehold estate at Appledore in Kent
where the winery is also based. The Group has a total of 231 acres
of vineyards.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCFKDDBPBKDAPN
(END) Dow Jones Newswires
May 31, 2018 11:27 ET (15:27 GMT)
Gusbourne (LSE:GUS)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Gusbourne (LSE:GUS)
Historical Stock Chart
Von Jul 2023 bis Jul 2024