18 Mar 2013 07:00
RNS ANNOUNCEMENT
18 March 2013
Pentagon Protection plc
("Pentagon" or "the Company")
LOAN AGREEMENT WITH CHAIRMAN
Pentagon Protection (AIM: PPR), announces a short-term loan agreement from the Chairman, Mr Haytham ElZayn, to the Company in the amount of $750,000 to facilitate the recently announced contract award of £1.9million.
The loan principal is to be paid back within a maximum of 90 days together with accrued interest, chargeable at a rate of 5% per month and an administration fee equal to 2% of the principal.
The Board, other than Mr Haytham ElZayn, having consulted with Seymour Pierce, the Company's nominated adviser, consider the terms of the loan to be fair and reasonable insofar as shareholders are concerned.
Steve Chambers, Managing Director comments:
"The short time frame required for delivery of this material to our valued client requires a significant capital outlay over a very short period. We are very pleased to have this loan to provide the working capital needed to enable us to deliver this order without delay or interference. Provision of this funding allows us to fulfil this order without impacting the Company's ongoing operations in other areas. "
- Ends -
Enquiries:
Pentagon Protection Plc Haytham ElZayn, Chairman Steve Chambers, Managing Director | Tel: 01494 793 333 |
Seymour Pierce (Nominated adviser) David Foreman / Catherine Leftley
|
Tel: 0207 107 8000 |
Peterhouse Capital Limited Jon Levinson | Tel: 0207 469 0935 |
Notes to Editors:
About Pentagon Protection
Pentagon Protection is a trusted provider of security and energy saving solutions for clients around the globe. Admitted to AIM in March 2003, Pentagon consists of three divisions focused on security solutions, energy efficiency and carbon reduction. Visit the website at Pentagon Protection PLC or contact us at info@pentagonprotection.com.
About SDS Group Ltd
Acquired by Pentagon Protection in September 2008 to enhance the group's portfolio of security products and services, SDS is a leading provider of training, consulting and security equipment, including highly-specialist security and search equipment. SDS customers and clients include governments, police forces, security and defence forces in the UK and around the world. Visit our website at SDS Group Limited or contact them at sales@sdsgroupltd.co.uk
About International Glass Solutions
Acquired by Pentagon Protection in 2010, IGS is headquartered in the United States and specialises in window film installation and project management services for commercial and government buildings, retail clients and large office buildings. IGS improves the group's capability and increases our exposure and reach into the North American market. Visit the website at International Glass Solutions, LLC or contact them at info@igsfilm.com