6 Oct 2015 12:40
6 October 2015
Ashley House plc
Related Party Loan Facility
Ashley House plc ("Ashley House" or the "Company"), the health and community care property partner, is pleased to advise that it has signed a £1.5m loan facility to support the development of its projects.
This loan facility follows the announcement last week of a Funding and Partnering Agreement with Funding Affordable Homes ("FAH") which (subject to project due diligence) is expected to secure funding for the construction and long term ownership of the Company's Extra Care schemes. The Board anticipates that as the Extra Care pipeline accelerates, the requirement to fund pre-construction expenditure will grow. This further facility will be important to ensure the business can adequately progress schemes.
The loan facility of up to £1,500,000 is with a privately owned company, co-founded and part owned by the Company's Non-executive Deputy Chairman Stephen Minion, called Yorkshire Wildlife Park Limited. The facility is for fifteen months and will be secured against individual assets of the Company and those of its subsidiaries.
Accordingly, the loan facility is a Related Party Transaction pursuant to AIM Rule 13 and Ashley House confirms that its directors, acting without Stephen Minion's participation, consider, having consulted with the Company's Nominated Adviser, that the terms of the transaction are fair and reasonable in so far as the Company's shareholders are concerned.
Enquiries:
Ashley House plc 01628 600 340
Antony Walters
Jonathan Holmes
WH Ireland Ltd 0207 220 1666
(Nominated Adviser and broker to Ashley House plc)
Adrian Hadden
Mark Leonard