Loan agreements
18 Januar 2010 - 4:27PM
UK Regulatory
TIDMINVU
RNS Number : 7317F
Invu plc
18 January 2010
18 January 2010
Invu plc
Loan agreements
Invu plc (LSE, AIM: INVU) ('the Company') announces that Tyne & Wear Holdings
Limited ('Tyne & Wear') and Magpie Investments Limited ('Magpie') have agreed
new Loan agreements in full settlement of their existing Loans to the Company.
These loans are unsecured, carry an interest rate of 12.5 percent per annum and
are repayable on 1 May 2010. Additionally Cynthia Goldman has agreed to offer an
unsecured loan to the Company of GBP500,000 repayable on 1 May 2010 carrying an
interest rate of 12.5 percent per annum.
Tyne & Wear had entered into the three previous loan agreements with the Company
which are fully satisfied by this new loan. On 22 May 2009 Tyne & Wear entered
into a GBP500,000 loan facility with interest due quarterly in arrears. On 21
October 2009 Tyne & Wear entered into a GBP400,000 loan facility repayable with
interest on 18 January 2010. On 18 November 2009 Tyne & Wear entered into a
GBP100,000 loan facility repayable with interest on 18 January 2010. Under the
new Loan agreement Tyne & Wear will loan the Company GBP1,049,117 in full
settlement of the amounts due under the above Loans.
On 18 November 2009 Magpie entered into a GBP500,000 loan facility repayable
with interest on 18 January 2010. Under the new Loan agreement Magpie will loan
the Company GBP510,445 in full settlement of the amount due under the loan of 18
November.
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-
+---------------------------------+---------------------------------+
| Invu plc | 020 7665 8900 |
+---------------------------------+---------------------------------+
| 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 |
+---------------------------------+---------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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