Facility Agreement

RNS Number : 1354Y

Optare PLC

16 December 2010

 



Optare plc

("Optare" or the "Company")

Facility Agreement

Optare is pleased to announce that, it has entered into a loan facility agreement (the "Facility Agreement") with the parent company of one of its major shareholders, to provide Optare with up to £1.5 million to support its ongoing operational and working capital requirements.

The Facility Agreement is for a term of 90 days to 13 March 2011 unless varied by mutual agreement and carries interest at 8 basis points above base rate per annum.

The Facility Agreement is classified as a related party transaction in accordance with the AIM Rules by virtue of it being with the parent company of one of Optare's substantial shareholders.  Accordingly, the independent directors, having consulted with the Company's nominated adviser, consider the terms of the Facility Agreement to be fair and reasonable insofar as the Company's shareholders are concerned. 

For further information please contact:

Optare plc Jim Sumner - Chief Executive

Tel: [phone]

Cenkos Securities plc Stephen Keys/Camilla Hume

Tel: [phone]

 

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