RNS 15 March - Finance update20 Mar 2012 12:47
Financing Update
RNS Number : 4184Z
WFCA PLC
15 March 2012
15 March 2012
WFCA plc
("WFCA", "the Company" or "the Group")
FINANCING UPDATE
WFCA plc (AIM: WFCA.L), a leading regional advertising and marketing agency, is pleased to announce that it has received a £300,000 loan from Hawk Investment Holdings Limited ("Hawk") to assist it with its short term working capital requirements. The need for the loan arose from the delay by new clients in commencing their media activity. The loan is secured by a debenture, is repayable after 180 days and incurs interest at a rate 1% per month.
Hawk is beneficially owned by Bob Morton, the Company's non-executive Chairman, and Susan Morton.
The Loan falls to be treated as a related party transaction pursuant to the AIM Rules. Stephen Latter, Robert Hamer, Rodger Braidwood and John Foley, being the independent directors (Bob Morton being excluded from such decisions being a related party) consider, having consulted with Daniel Stewart & Company (the Company's Nominated Adviser), that the terms of the Loan are fair and reasonable insofar as the shareholders of WFCA are concerned.
Further enquiries:
WFCA plc
Stephen Latter, Financial Director Tel: 01892 703 201
Daniel Stewart & Company plc
David Hart & James Felix Tel: 020 7776 6550
WFCA plc is a uniquely placed full service Marketing Communications Agency and positioned as the "London Agency not in London". Their role is as a different kind of Agency, with completely integrated and full service resource delivering advertising, design, direct, digital and media solutions to a wide range of blue chip Clients, but at a much lower cost than their London based competitors.