SyQic PLC Loans by a director to the Company (7295K)
24 September 2016 - 12:38AM
UK Regulatory
TIDMSYQ
RNS Number : 7295K
SyQic PLC
23 September 2016
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR)
23 September 2016
SyQic plc ('SyQic' or the 'Company')
Loans by a director to the Company
As previously announced the Company has for some time had a high
level of outstanding debtors and the Company's management team has
been working to reduce this amount, but with slow progress. The
Board of SyQic believes the debtors are largely recoverable but the
low frequency of payments has put pressure on the Company's working
capital position.
As a consequence, since June 2014 SyQic has received a number of
loans and other financial support (together the "financial
support") from Jamal Hassim, the Company's CEO. The financial
support provided to the Company, that has accumulated since June
2014 until the end of August 2016, is made up as follows:
Salary not drawn by Mr Hassim GBP195.0k
Amounts lent to the Company by Mr Hassim GBP302.9k
Expenses paid on behalf of the Company by Mr Hassim GBP114.0k
Total financial support GBP611.9k
All the financial support is unsecured, interest free and does
not have a set repayment date. Mr Hassim is expected to continue to
forego his salary for the time being and may provide additional
similar financial support in the future as necessary.
In addition, the loan of MYR300,000 (being approximately
GBP55,000) provided by Mr Hassim to the Company as per an agreement
dated 12 November 2013 (and as set out in the Company's Admission
Document dated 29 November 2013) remains outstanding. This loan is
unsecured, interest free and does not have a set repayment
date.
The provision of the financial support by Mr Hassim to the
Company constitutes a related party transaction pursuant to Rule 13
of the AIM Rules for Companies. The Board of SyQic save for Mr
Hassim, having consulted with the Company's nominated adviser,
Allenby Capital Limited, consider that the terms of the financial
support provided by Mr Hassim are fair and reasonable insofar as
the Company's shareholders are concerned.
Enquiries:
SyQic plc Tel: 020 7933 8780
David Cotterell, Chairman of the Independent Board
Jamal Hassim, Chief Executive
Allenby Capital Limited Tel: 020 3328 5656
(Nominated Adviser & Broker)
Jeremy Porter/ John Depasquale
Walbrook Tel: 020 7933 8792
(Financial PR and IR Adviser)
Paul Cornelius
This information is provided by RNS
The company news service from the London Stock Exchange
END
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September 23, 2016 10:38 ET (14:38 GMT)
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