Jetcam International Holdings Ld
2 July 2002
For Immediate Release
2nd July, 2002
JETCAM INTERNATIONAL HOLDINGS LIMITED
('JETCAM' or 'the Company')
JETCAM enters into loan facility agreement with
Windora Limited
Jetcam announces that it has provided an unsecured loan facility of £120,000 to
Windora Limited ('Windora') as part of a debt and equity fundraising by Windora
amounting to £1.25 million.
Windora was established to acquire the entire issued share capital of Dan
Technology Holdings Plc ('Dan Technology Holdings') and the freehold property
from which it operates. Dan Technology Holdings is a direct supplier of
personal computers to business, education and home users throughout the United
Kingdom ('UK').
The loan, which was advanced on an unsecured basis in February 2002, is
repayable by 31st August, 2002, with interest accruing at 6 per cent. per annum,
payable on repayment.
If the loan has not been repaid by 31st August, 2002, the Company has the option
to convert £16,611 of the loan into ordinary shares of 1p each in the capital of
Windora ('Ordinary Shares') at a price of £1 per share. This would result in
JETCAM holding approximately 8.3 per cent. of Windora's existing issued share
capital, with the balance remaining as a loan with the same principal terms as
outlined above, save that the interest and capital repayment date will be
extended until 28 June, 2003 and JETCAM will have the option to convert the
balance of the loan into Ordinary Shares on the expiry of the loan at a price of
approximately £1.35 per share.
The original purpose of the loan was to provide JETCAM with the basis for a
close association with a well-known UK computer system supplier to reinforce the
opportunity for JETCAM Group product sales in the higher education sector,
amongst others, and to complement other strategic moves currently under
discussion in the UK. However, on 6th June, 2002, Dan Technology Limited, the
trading subsidiary of Dan Technology Holdings, was placed in administrative
receivership. The Directors have been advised that of the £1.25 million
fundraising by Windora, £550,000 was invested in the property (including related
costs and expenses), £100,000 was paid as consideration for Dan Technology
Holdings and £500,000 invested as working capital for Dan Technology Limited.
The balance of £100,000 remained in Windora as working capital and to meet the
costs incurred by Windora. The Directors will be seeking repayment of the loan
on 31st August, 2002 and believe that the loan should be fully recoverable.
Ivan Stern (Chief Executive and Deputy Chairman of the Company) and a company
connected with John Wright (Business Development Director of the Company) have
also provided loan facilities of £30,000 and £50,000 respectively, to Windora.
Of these facilities, £4,158 and £6,916, respectively have been converted into
Ordinary Shares on the same basis as above, resulting in Mr Stern and Mr Wright
being interested in approximately 2.1 and 3.4 per cent. of the existing issued
share capital of Windora respectively. John Wright was appointed a director of
Windora on 14 February 2002.
This information is provided by RNS
The company news service from the London Stock Exchange
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