RE: RNS out10 Apr 2026 14:17
A nice AI summary of the document for you:
1) Security over almost everything
The filing summary says the charge includes:
fixed charge(s)
floating charge(s) covering all the property or undertaking of the company
and a negative pledge
That means this is not just “here is a loan.”
It is “here is a loan, and we want security over basically the company.”
2) PPP cannot freely deal with assets
The deed says PPP must not, without RMD’s prior written consent:
create other security,
sell, transfer, lease, licence, part with or otherwise dispose of charged assets,
or permit any transaction that would reduce the value of the security.
That gives RMD a lot of control over what PPP can do.
3) Default powers are strong
After an Event of Default, RMD can:
appoint a receiver,
have the receiver exercise wide powers over the secured assets,
and move from being just a lender to having real enforcement leverage.
That is not light-touch.
4) Voting/control-style rights over charged securities
The deed also says that after default:
RMD can exercise voting and other rights attaching to charged securities,
and can complete transfers or become registered holder or nominee in relation to them.
That is one of the stronger parts of the document.
5) Penalty-style default interest
The deed says if money is not paid when due, interest can apply at 12% per annum over the due date rate until paid.
Again, that is lender-protective.
The legal document is written like a hard-security lender protecting itself very aggressively, not like a casual supportive insider loan.
It is not “friendly money”; it is “money with hooks.”
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