Boston International Holdings PLC New Loan Facility (7372P)
12 June 2020 - 4:00PM
UK Regulatory
TIDMBIH
RNS Number : 7372P
Boston International Holdings PLC
12 June 2020
For immediate release
Boston International Holdings Plc
("BIH" or the "Company")
12 June 2020
New Loan Facility
The Company is pleased to announce that it has entered yesterday
into a new unsecured loan facility agreement (the "Loan Facility")
with Boston Merchant (HK) Limited ("BMHK").
Under the Loan Facility, BMHK will provide GBP200,000 at an
interest rate of 2.5 per cent per annum, repayable in full on the
earlier of (i) 31 December 2021 or (ii) three business days
following the date of re-admission of the entire issued and to be
issued share capital of the Company to the Official List of the FCA
and to trading on the London Stock Exchange's Main Market for
listed securities, pursuant to completion by the Company of a
Reverse Takeover (as defined in the Listing Rules), accompanied by
a placing of new ordinary shares of GBP0.01 each raising a minimum
of GBP1 million.
The proceeds of the Loan Facility will be used for general
capital expenditure and working capital requirements.
BMHK is a substantial shareholder of the Company as defined by
the Listing Rules. The provision of the Loan Facility is a related
party transaction pursuant to DTR 7.3. BMHK is 98.04% owned by
Borden James, a director of BIH.
Richard Hartheimer and Norman Connell, the two other directors
of BIH (each of whom are independent of BMHK), consider that the
transaction is fair and reasonable insofar as its shareholders are
concerned and accordingly have approved it. Due to Mr James'
shareholding in BMHK, he did not participate in the approval or
vote.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
ENDS
For more information please contact:
Boston International Holdings Plc
Borden James +44 (0) 7379 668 907
Beaumont Cornish Limited
Roland Cornish +44 (0) 207 628 3396
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
AGRKZGMVNMDGGZM
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