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Loan Agreement

The Loan bears a fixed interest rate of 8% per annum on sums drawn, payable quarterly in arrears in cash, and is repayable in 12 equal monthly instalments, commencing 18 January 2018.

In addition, the outstanding principal of the Loan may be converted, at the discretion of CIL and at any time, into new ordinary shares of the Company at 5 pence per share. Any such conversion shall be subject to the resultant aggregate interests of Boris Belotserkovsky (non-executive Director of the Company and controller of the Uvenco Group), together with his connected persons, not being 30% or over of the Company's enlarged issued share capital following any conversion. Boris Belotserkovsky is a member of the Belotserkovsky Concert Party which currently has a total interest in 53.79% of the Company's issued share capital.

The Loan will be used to finance the Group's working capital requirements and the Company intends to fully draw down the Loan with immediate effect.

Related Party Transaction



CIL is a related party of the Company. CIL is a wholly-owned subsidiary of Uvenco Group which is controlled by the Belotserkovsky family with Boris Belotserkovsky, a non-executive director of the Company and a member of the Belotserkovsky concert party, acting as Chairman of the board. Sergei Kornienko is Chief Executive of the Uvenco Group.

The independent directors of the Company (being the directors, with the exception of Boris Belotserkovsky and Sergei Kornienko), having consulted with the Company's nominated adviser, Stockdale Securities Limited, consider that the terms of the Loan Agreement are fair and reasonable insofar as the Company's shareholders are concerned.


Trading update



Following the change of financial year end to 31 December, the Company expects to provide a trading update for the nine-month period to 31 December 2016 in early February 2017.


Enquiries 

Uvenco UK plc Tel No. 020 8879 8300 

Sergei Kornienko 

Peter Goodman 

Stockdale Securities Tel No. 020 7601 6100 

Tom Griffiths 

Richard Johnson

 

This information is provided by RNS
The company news service from the London Stock Exchange