Elderstreet VCT plc : Related Party Transaction

Elderstreet VCT plc
Related party transaction
11 December 2015

On 10 December 2015, Elderstreet VCT plc ("the Company") entered into an agreement with Elderstreet Investment Limited ("EIL"), the Company's investment manager ("Agreement").  EIL is a related party of the Company under the Listing Rules and, as such, this transaction is a smaller related party transaction in accordance with Listing Rule LR 11.1.10R. 

The terms of the Agreement are that EIL will purchase the two loans that the Company has granted to Snacktime Plc, which are in the aggregate principle amount of £450,000, for an initial payment of £50,000 and deferred consideration equal to 75% of any ultimate realisation on redemption or conversion of those loans. This transaction has been undertaken to facilitate a reorganisation of Snacktime plc which, under the new VCT regulations, could not be undertaken if the Company were to continue to hold the loans.

Howard Kennedy Corporate Services LLP, the Company's sponsor, has provided written confirmation that the terms of the Agreement are fair and reasonable so far as the shareholders of the Company are concerned.

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Source: Elderstreet VCT plc via Globenewswire

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