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2 Jul 2008 13:23
2 July 2008 Talent Group plc ("Talent" or the "Company") Related Party Loan
Terry Bate, Chairman of the Company, has committed to advance an unsecured loan of ‚£600,000 to the Company to enhance the working capital of the Company and its subsidiaries. The loan will be made in instalments of ‚£200,000 over the next three months. The loan is for an indefinite period and will be repaid as and when the Company has sufficient working capital to do so. Interest on the loan will be charged at 1.75 per cent. over the Barclays Bank plc base rate.
Under the AIM Rules, the loan is classified as a related party transaction. The Directors, other than Mr Bate who is interested in the transaction (the "Independent Directors"), who have consulted with John East & Partners Limited, consider the terms of the transaction to be fair and reasonable insofar as the shareholders of the Group are concerned. In advising the Independent Directors, John East & Partners Limited has relied upon their commercial assessment.
ENQUIRIES:Talent Group plc Tony Humphreys Tel: 020 7421 7800 John East & Partners Limited John East / Simon Clements Tel: 020 7628 2200
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