Last checked at 17 Mar 2014 07:00
17 March 2014
One Delta plc
("One Delta" or the "Company")
Increased interest in One Delta Limited
One Delta announces that it has today entered into an agreement with One Delta Limited ("ODL"), the Company's majority owned trading subsidiary, to capitalise a loan amounting to £100,000 which is currently owed to it. In consideration for the loan, the Company will receive 100,000 ordinary shares in ODL which will result in the Company owning a total of 106,296 ordinary shares in ODL, equivalent to 94.7 per cent. of the issued share capital.
The capitalisation of this loan will result in ODL being debt free.
Related party transaction
Under the AIM Rules, the loan capitalisation is classified as a related party transaction for the purposes of Rule 13 of the AIM Rules.
The Independent Directors, being Roger King and Roger Maddock, having consulted with the Company's Nominated Adviser, Sanlam Securities UK, consider the terms of the transaction to be fair and reasonable insofar as the Company's shareholders are concerned. In advising the Independent Directors, Sanlam Securities UK has taken into account the commercial judgment of the Independent Directors.
Enquiries:
One Delta plc | |
Roger Maddock, Chairman Roger King, Director | Tel: +44 (0) 7841 672 621 Tel: +44 (0) 1534 753 400 |
Sanlam Securities UK Limited (Nominated Adviser and Broker) | |
Simon Clements/Virginia Bull | Tel: +44 (0) 20 7628 2200 |
Walbrook PR | |
Paul McManus | Tel: +44 (0) 20 7933 8787 |