Mobile Tornado Group PLC Related Party Transaction (8166M)
02 May 2018 - 4:01PM
UK Regulatory
TIDMMBT
RNS Number : 8166M
Mobile Tornado Group PLC
02 May 2018
Mobile Tornado Group plc
("Mobile Tornado", the "Company" or the "Group")
Related Party Transaction
On 31 August 2017, the Company entered into a loan agreement
(the "Loan Agreement") with Jeremy Fenn and Peter Wilkinson
pursuant to which Mr Fenn and Mr Wilkinson loaned the Company a
total of GBP200,000 (the "Loan"), for short term working capital
purposes. The Loan was entered into due to a delay in the Company
receiving a R&D tax credit for FY 2016 totalling
GBP431,000.
Under the terms of the Loan Agreement, the Loan was scheduled
for repayment by the earlier of 31 October 2017 or on receipt of
the FY 2016 R&D tax credit. This repayment date was
subsequently extended to January 2018. The Loan bore interest at
10% per annum and was subject to a 2% arrangement fee. All amounts
due pursuant to the Loan Agreement were repaid by the Company in
January 2018, out of the proceeds of the Placing announced by the
Company on 10 January 2018.
As Mr Fenn and Mr Wilkinson are Directors of the Company, the
entering into of the Loan Agreement constituted a related party
transaction under Rule 13 of the AIM Rules for Companies. The
independent directors of the Company (excluding Mr Fenn and Mr
Wilkinson), having consulted with the Company's current nominated
adviser, Allenby Capital Limited, consider the terms of the Loan
Agreement and the subsequent variation thereof to be fair and
reasonable insofar as the Company's shareholders are concerned.
Enquiries:
Mobile Tornado Group plc www.mobiletornado.com
Jeremy Fenn, Chairman +44 (0)7734 475 888
Allenby Capital Limited (Nominated
Adviser & Broker) +44 (0)20 3328 5656
Virginia Bull / James Reeve / Nicholas
Chambers
Walbrook PR Ltd +44 (0)20 7933 8780 or
mobiletornado@walbrookpr.com
Paul Cornelius
Sam Allen
This information is provided by RNS
The company news service from the London Stock Exchange
END
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