Shareholder Loan

RNS Number : 1882J

AEC Education plc

16 December 2015

 

AEC Education Plc
("AEC" or the "Company")

Shareholder Loan

AEC announces that it has entered into a loan agreement with KSP Investments Pte Limited ("KSP") for up to £1.0 million (the "Loan"). The Loan is unsecured, accrues no interest and has no fixed repayment date. The Loan has been provided on the basis it will be repaid as soon as possible out of the future profits of the business.

Under the terms of the Loan, KSP has advanced £650,000 to AEC Education plc for use by the subsidiaries of the Company. The advances will be used to fund working capital and to support the plans of subsidiary companies to return to profitability and sustainable growth.

KSP has a beneficial interest of 17.50% of the current issued share capital of the Company and is consequently a Related Party of AEC for the purpose of AIM Rule 13. The Independent Directors of AEC (which excludes Haider Sithawalla and Gopinath Pillai) consider, having consulted with WH Ireland Limited, the Company's nominated adviser, that the terms of the Loan with KSP are fair and reasonable insofar as the Company's shareholders are concerned.

ENDS

For further information, please contact:

AEC Education Plc

Liam Swords

Tel: [phone]

WH Ireland Limited (NOMAD & Broker)

Mike Coe

Liam Gribben

Tel: [phone]

 

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