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9 Jun 2010 15:22
B.P. Marsh & Partners Plc ("B. P. Marsh" or the "Company")
Directors Loan
B.P. Marsh & Partners Plc (AIM: BPM), a niche venture capital provider to early stage financial services businesses, today announces that it has executed an agreement with Brian Marsh (Chairman), Natasha Dunbar, Philip Mortlock (both Non-executive Directors) and Michelle Newman (wife of Jonathan Newman, Finance Director) (together the "Lenders") to provide the Company a loan facility of £4,325,000 (the "Directors Loan"). The breakdown of the Directors Loan is detailed below:
|
Lender |
Amount of Loan (£) |
|
Brian Marsh |
3,500,000 |
|
Philip Mortlock |
250,000 |
|
Michelle Newman* |
75,000 |
|
Natasha Dunbar |
500,000 |
|
Total |
4,325,000 |
* wife of Jonathan Newman (Finance Director)
This line of credit will be in addition to the current available cash of £1.9m and is intended to enable B. P. Marsh to continue to take advantage of the many exciting investment opportunities that come to the Company's attention.
B.P. Marsh has granted a debenture in favour of the Lenders incorporating a fixed and floating charge over all of the business, assets and undertakings of the Company and the Directors Loan carries an annual interest rate of the higher of 4 per cent. above the Bank of England base rate or 6.5 per cent. (such rate not exceeding 13 per cent.) and is repayable on the third anniversary from the execution of the agreement. The Directors Loan will be used for the purpose of making investments in the ordinary course of business.
The Directors Loan is classified under the AIM Rules as a related party transaction. The directors of B.P. Marsh, excluding Brian Marsh, Philip Mortlock, Natasha Dunbar and Jonathan Newman, having consulted with their nominated adviser, Arbuthnot Securities Limited, consider that the terms of the Directors Loan are fair and reasonable insofar as the Company's shareholders are concerned.
Brian Marsh OBE, Chairman of B P Marsh said:
"My fellow Directors and I are confident in our Company's future prospects and there is no surer way we could demonstrate this confidence than by our willingness to provide our own funds to enable the business to grow and develop".
- ends -
For further information:
B.P. Marsh & Partners Plc www.bpmarsh.co.uk
Brian Marsh OBE +44 (0)20 7233 3112
Nominated Adviser
Arbuthnot Securities
Nick Tulloch / Ed Gay +44 (0)20 7012 2000
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