SYG Speymill

TIDMSYG

RNS Number : 3750N

Speymill PLC

28 September 2012

For Release at 7.00am 28 September 2012

Speymill plc

("Speymill" or the "Company")

Increase of Burnbrae Loan facility

Further to the Interim results announced earlier today, Speymill (AIM:SYG), the multinational property services group, announces that Jim Mellon, a director and substantial shareholder of Speymill, together with Burnbrae Limited (together the "Lenders"), have entered into an agreement with the Company to increase the existing shareholder loan facility of GBP5 million to GBP7 million (the "Loan") with the conversion price being amended to 1.125 pence. This increase amends the current shareholder loan extended to the Company, as announced on 16 April 2011, and all other terms remain unchanged.

Mr Mellon and Burnbrae Limited, a company which is indirectly wholly owned by the trustee of a settlement under which Mr Mellon has a life interest are considered to be related parties to the Company and, therefore, the extension of the Loan is considered to be a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. The Company's directors (with the exception of Mr Mellon and Denham Eke, who is also Managing Director of Burnbrae Limited, who recused themselves from the meeting), having consulted with the Company's nominated adviser, Beaumont Cornish Limited, consider that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.

-END-

For further information, please contact:

 
 Speymill plc                          Tel: +44 (0) 1624 640860 
 Denham Eke                            www.speymill.com 
 Beaumont Cornish Limited (Nominated   Tel: +44 (0)20 7628 3396 
  Adviser and Broker) 
 Roland Cornish and James Biddle 
 

ENDS

This information is provided by RNS

The company news service from the London Stock Exchange

END

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