rls31 Oct 2008 13:02
Sinclair Pharma plc
31 October 2008, Godalming, UK: Sinclair Pharma plc ("Sinclair": SPH:L), the
international specialty pharma company, today announces it has put in place
further facilities to meet peak funding requirements for 2008/9.
Sinclair had been in negotiations with one financial institution and
discussions were at an advanced stage. However, the proposed terms were amended
at the final credit committee stage and the Directors of Sinclair, therefore,
took action to obtain funding through a combination of alternative facilities
from another lender to the Sinclair group plus funds provided from certain of
the Directors and their families.
In aggregate Jerry Randall, Michael Flynn (through his wife Sookja Flynn) and
Jean-Charles Tschudin have agreed to lend a total of £350,000 to Sinclair group
companies, these amounts to be advanced before 14 November 2008. The loans are
repayable in April 2009 and are on arms length commercial terms.
In addition, Michael Flynn and Jean-Charles Tschudin are intending to invest a
further £450,000 by way of a share subscription to take place during November
2008. The subscription will be at 23 pence per share based on the share price
at market close on 30 October 2008.
The annual report and accounts for the year ended 30 June 2008 will be
published later today. They will show a post balance sheet adjustment to the
income statement. The adjustment is an exceptional wri