riig31 Aug 2013 00:03
Notice of Results, Loan, and Trading Update
Fri, 30th Aug 2013 17:51
RNS Number : 9328M
Resources In Insurance Group PLC
30 August 2013
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RESOURCES IN INSURANCE GROUP PLC
("RiIG", the "Group" or the "Company")
Final Results, Related Party Loan and Trading Update
Final Results
Further to the Company's trading update announcement of 25 June 2013, the Board of RiIG, a leading provider of claims management and consultancy solutions to the UK insurance profession, announces that its Audited Results for the 15 months to 31 March 2013 will be released no later than 30 September 2013 rather than today as previously announced.
Related Party Loan
To support the uplift in trading primarily through new business, the Board has secured additional working capital via the provision of loan capital of £150,000 from a significant shareholder, Bob Morton via Hawk Investment Holdings Limited. The interest on the loans is 1 per cent per month, payable monthly. The loan is repayable in August 2014. As Hawk Investment Holdings Limited is connected to Bob Morton, a substantial shareholder, the loan is considered to be related party transactions pursuant to Rule 13 of the AIM Rules for Companies. The Company's directors, having consulted with the Company's nominated adviser, Zeus Capital, consider that the terms of the loan are fair and reasonable insofar as the Company's shareholders are concerned.