24 May 2019 12:06
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
24 May 2019
Green & Smart Holdings plc
("Green & Smart" or "the Company")
Loan Agreement for £1.6 million
Green & Smart Holdings plc (AIM: GSH), a renewable energy company generating power from biogas captured through the treatment of palm oil mill effluent ("POME") in Malaysia, announces that it has entered into an agreement with Mr. Syed Nazim bin Syed Faisal, Finance Director of the Company, for a 12-month interest-free loan of £1.6 million (the "Loan Agreement"). The monies will be used by the Company for working capital purposes.
The re-payment of the loan is being guaranteed by Mr. Saravanan Rasaratnam and Mr. Navindran Balakrishnan, the Company's Chief Executive Officer and Chief Operations Officer respectively.
Mr. Syed Nazim bin Syed Faisal, Mr. Saravanan Rasaratnam and Mr. Navindran Balakrishnan are all directors of the Company. The loan therefore constitutes a related party transaction under Rule 13 of the AIM Rules for Companies. The independent directors of the Company, being Datuk Haji Radzali bin Hassan and Mr. Aditya Chathli, consider, having consulted with Cantor Fitzgerald Europe, the Company's Nominated Adviser, that the terms of the Loan Agreement are fair and reasonable insofar as the Company's shareholders are concerned.
Enquiries
Green & Smart Holdings plc | |
Saravanan Rasaratnam, Chief Executive Officer Navindran Balakrishnan, Chief Operations Officer | +603 2095 0024 |
Cantor Fitzgerald Europe (Nominated Adviser and Broker) | |
Phil Davies, Richard Salmond | +44 20 7894 7000 |
Luther Pendragon (Financial PR) | |
Claire Norbury, Alexis Gore, Rachel So | +44 20 7618 9100 |