Related Party Transaction

RNS Number : 3918L

K3 Business Technology Group PLC

09 January 2009

 

9 January 2009

K3 BUSINESS TECHNOLOGY GROUP PLC

('K3' or the 'Company')

                                                           Related Party Transaction

On 29 December 2008, K3 entered into a short term loan arrangement with CA Fastigheter AB, a company connected with Mr PJ Claesson, a director of the Company so as to ensure prudent liquidity over the year end period. On 7 January 2009, the loan, amounting to GBP 1,000,000, was repaid in full in accordance with its terms. 

The transaction was a Related Party transaction in accordance with the AIM rules. A fee and costs of approximately GBP 20,000 in aggregate was paid to CA Fastigheter AB in respect of the loan. 

Excluding Mr. Claesson, the directors and the Nominated Adviser consider that the terms of the transaction were fair and reasonable insofar as shareholders were concerned.

Enquiries:

K3 Business Technology Group plc	Andy Makeham, Chief Executive	T: 01282 864111
	David Bolton, Chief Finance Officer
Daniel Stewart (NOMAD)	Paul Shackleton	T: 020 7776 6550
Biddicks	Katie Tzouliadis	T: 020 7448 1000

 

END

 

 

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