WEST West. & Orient.

TIDMWEST

RNS Number : 3898Y

Western & Oriental plc

21 December 2010

21 December 2010

Western & Oriental plc ("the Company")

Director's loan agreement

Within the Preliminary Announcement of Results for the year ended 30 September 2010, the Company announced that in order to increase the Group's liquidity, the Company had entered into an unconditional contract with an existing shareholder under the terms of which the shareholder would provide the Company with a loan of at least GBP0.8 million to the Company by 30 December 2010 for general working capital purposes.

The shareholder who provided the undertaking was Mr Rajinder Kumar. Mr Kumar was appointed a director of the Company on 30th November 2010. GBP150,000 of the initial undertaking has already been loaned to the Company and the Company and Mr Kumar have now agreed revised terms for the agreement under which the remaining GBP650,000 will be loaned to the Company immediately in the form of an interest free loan and the term of the loan will be reduced to a period ending on 31 January 2011 (the "Transaction"). The Company will have the option to repay the funds in cash or in the form of new shares issued to Mr Kumar at a price of 1.2 pence per share.

Mr Kumar is deemed to be a related party for the purposes of AIM rule 13 in relation to the changes to the agreement now being made. The Company's directors, with the exception of Mr Kumar, who is involved in the Transaction as a related party, consider having consulted with its nominated adviser, that the terms of the Transaction are fair and reasonable insofar as its shareholders are concerned.

Enquiries:

 
 Western & Oriental plc 
 Andrew Neil               +44 207 581 1655 
 
 Collins Stewart 
 Adrian Hadden             020 7523 8350 
 
 

About Western & Oriental plc

Western & Oriental is a specialist luxury travel group with a number of established high quality brands. The company was admitted to trading on AIM under the ticker symbol WEST in March 2006. The Group acts as a tour operator, travel agent and conference and incentive organisers, offering a premium service for tailor-made and specialist packaged holiday programmes to destinations worldwide.

For more information on Western & Oriental and its individual luxury travel brand websites, go to www.westernorientalplc.com.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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