Repayment of £3m SPV Loan

RNS Number : 8240J

Frenkel Topping Group PLC

03 July 2017

 

3 July 2017

Frenkel Topping Group plc

("Frenkel Topping" or the "Group")

Repayment of £3m Commercial Property SPV Loan Investment

Frenkel Topping Group plc (AIM: FEN), the specialist independent financial advisor and asset manager focused on asset protection for vulnerable clients, announces that further to the announcement on 23 January 2017, FCFM Group Properties IV ("NewCo") Ltd, repaid the £3 million Commercial Property SPV loan to the Group on 30 June 2017. In addition, NewCo has acquired the Group's 37.5% interest in NewCo for £150,000, an amendment to the original terms of the agreement.  As a result of these payments, the Group has received approximately £3.3 million of cash from NewCo, having initially provided £3.0 million of financing to NewCo on 23 January 2017.

The amendment of the terms of the repurchase of the 37.5% interest in Newco from Frenkel Topping by NewCo is considered a related party transaction pursuant to AIM Rule 13 of the AIM Rules for Companies (the "Related Party Transaction"). The independent Directors of the Company (being Richard Fraser, Julie Dean and Mark Holt) consider, having consulted with finnCap Ltd, that the terms of the Related Party Transaction are fair and reasonable insofar as shareholders of the Company are concerned.

This announcement contains inside information for the purposes of article 7 of eu regulation 596/2014

Investor enquiries Jason Granite, Executive Chairman Richard Fraser, Chief Executive Officer Julie Dean, Chief Financial Officer	[phone]
finnCap Limited                                                               Adrian Hargrave, James Thompson, Alex Price (Corporate Finance) Tony Quirke (Corporate Broking)	[phone]

 

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