Shareholder Loans

RNS Number : 6283A

AEC Education plc

24 December 2014

 



Shareholder Loans

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

AEC announces that on 24 December 2014 it entered into loan agreements of up to £500,000 with Cinnovation Inc. ("Cinnovation") and KSP Investments Pte Ltd ("KSP"), each providing up to £250,000 to assist with funding the Company's development and cashflow requirements (the "Loans").

The Loans are unsecured and will accrue interest at a rate of 8% per annum, to be paid annually on the anniversary of the Loans. The Loans are repayable on 24 December 2016 or earlier at the Company's option, without penalty.

Related Party Transaction

Cinnovation Inc. has a beneficial interest of 29.90% and KSP has a beneficial interest of 17.50% of the current issued share capital of the Company and are consequently both Related Parties of AEC for the purpose of AIM Rule 13. The Company's Independent Director, Liam Swords, having consulted with the Company's Nominated Adviser, considers that the terms of the Loans are fair and reasonable insofar as its shareholders are concerned.

For further information, please contact:

AEC Education Plc

Liam Swords

Tel: [phone]

WH Ireland Limited (NOMAD)

Andrew Kitchingman

Liam Gribben

Tel: [phone]

 

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