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9 Apr 2010 07:00
9 April 2010 Talent Group plc (`Talent' or the `Company') Related Party Loan
Terry Bate, Chairman of the Company, has committed to make available an unsecured loan facility of up to £440,000 to the Company to provide production finance for an anticipated forthcoming, one-off, commission. The loan, which will be drawn down in stages against production costs incurred, will be repaid in full, together with interest to be charged at the rate of 7 per cent. per annum, following completion of the commission. The directors expect repayment to take place no later than 20 August 2010). This arrangement does not affect the terms of Mr Bate's current loan to the Company of £700,000, on which interest is payable at the rate of 6 per cent. per annum.
Under the AIM Rules, the additional loan to be provided by Mr Bate and the interest payable thereon 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 Merchant John East Securities Ltd, consider the terms of the transaction to be fair and reasonable insofar as the shareholders of Talent are concerned. In advising the Independent Directors, Merchant John East Securities Ltd has relied upon their commercial assessment.
ENQUIRIES:
Talent Group plc Tel: 020 7822 3900
Tony Humphreys
Merchant John East Securities Ltd Tel: 020 7628 2200
John East / Simon Clements
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