Caledonian Trust PLC Further loan facility from Leafrealm Limited (9714S)
14 July 2020 - 9:52PM
UK Regulatory
TIDMCNN
RNS Number : 9714S
Caledonian Trust PLC
14 July 2020
14 July 2020
Caledonian Trust PLC
("Caledonian Trust", the "Company" or the "Group")
Further loan facility from Leafrealm Limited
Caledonian Trust, the Edinburgh-based property investment
holding and development company, announces that Leafrealm Limited
("Leafrealm") has today entered into an agreement with the Company
whereby Leafrealm has agreed to provide an additional loan of
GBP115,000 to the Company (the "Further Leafrealm Loan"). Leafrealm
is a company controlled by Douglas Lowe, Caledonian Trust's
Chairman, Chief Executive and major shareholder.
The Further Leafrealm Loan will provide the Company with
additional working capital.
The Company has not currently drawn down any amounts under the
Further Leafrealm Loan, however the likelihood is that the Company
will make an initial draw down under the Further Leafrealm Loan by
31 July 2020.
The Further Leafrealm Loan was agreed on the following key
terms:
- The Further Leafrealm Loan has a loan maturity date of 31 December 2021;
- The Further Leafrealm Loan carries an annual interest rate of 8%;
- Interest shall be accrued in quarterly instalments although
the accrued interest will be payable at the date of repayment of
the principal amount;
- The Further Leafrealm Loan and/or any accrued interest can be
repaid at the Company's option at any time;
- The Further Leafrealm Loan is unsecured; and
- The Further Leafrealm Loan will not be convertible into new ordinary shares in the Company.
Additionally, the Company announces that Leafrealm has requested
that, with effect from 1 July 2020, the interest margin of 3% above
the base rate of the Bank of Scotland from time to time be
re-instated on a loan currently totalling GBP3,970,000 which was
originally put in place on 30 June 2016 (the " 2016 Leafrealm Loan
"). Leafrealm has previously waived its entitlement to this
interest margin, although Leafrealm has the ability to re-instate
this interest margin at any time, pursuant to the terms of the 2016
Leafrealm Loan, which were originally announced on 1 July 2016.
The aggregate amount that has been advanced by Leafrealm to the
Company across various loan arrangements totals GBP4.33 million as
at the date of this announcement, not including any drawdowns under
the Further Leafrealm Loan.
Enquiries:
Caledonian Trust plc
Douglas Lowe, Chairman and Chief Executive Officer Tel: 0131 220 0416
Mike Baynham, Finance Director Tel: 0131 220 0416
Allenby Capital Limited
(Nominated Adviser and Broker)
Nick Athanas Tel: 0203 328 5656
Alex Brearley
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END
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