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IDE Group Holdings (IDE)

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Wednesday 08 December, 2021

IDE Group Holdings

Related Party Short-Term Loan

RNS Number : 8937U
IDE Group Holdings PLC
08 December 2021
 

 

IDE Group Holdings Plc

("IDE", the "Group" or the "Company")

 

Related Party Short-Term Loan

 

IDE Group Holdings plc, the mid-market network, cloud and IT managed services provider, announces it has entered into a short-term loan agreement with MXC Capital.

 

The loan is for £1,000,000, carries an arrangement fee of 3.75% and the interest rate varies between 1.5%-3% according to the repayment date, with the rate being lower for quicker repayment. The Company expects to repay the loan by the 31 March 2021. Should it not be repaid by this date, the terms will revert to the same terms as the outstanding loan notes, details of which have previously been announced on the 10th January 2019. The loan will be unsecured and subordinated to the outstanding loan notes.

 

MXC Capital is deemed to be a related party of the Company pursuant to the AIM Rules for Companies (the "AIM Rules") as they are a substantial shareholder and because Ian Smith, CEO of MXC is Executive Director of IDE.

 

Andy Parker, being the sole independent director for these purposes considers, having consulted with the Company's nominated adviser, finnCap, that the terms of the related party transaction are fair and reasonable insofar as the shareholders of the Company are concerned.

 

 

 

  Contacts:

 

IDE Group Holdings Plc

Andy Parker, Non-Executive Chairman

 

Tel: +44 (0)344 874 1000

finnCap Limited

Nominated Adviser and Broker

Corporate finance: Jonny Franklin-Adams/ Abby Kelly

ECM: Tim Redfern/ Richard Chambers

Tel: +44 (0)20 7220 0500

 

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