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Related Party Short-Term Loan

8 Dec 2021 07:00

RNS Number : 8937U
IDE Group Holdings PLC
08 December 2021
 

 

IDE Group Holdings Plc

("IDE", the "Group" or the "Company")

 

Related Party Short-Term Loan

 

IDE Group Holdings plc, the mid-market network, cloud and IT managed services provider, announces it has entered into a short-term loan agreement with MXC Capital.

 

The loan is for £1,000,000, carries an arrangement fee of 3.75% and the interest rate varies between 1.5%-3% according to the repayment date, with the rate being lower for quicker repayment. The Company expects to repay the loan by the 31 March 2021. Should it not be repaid by this date, the terms will revert to the same terms as the outstanding loan notes, details of which have previously been announced on the 10th January 2019. The loan will be unsecured and subordinated to the outstanding loan notes.

 

MXC Capital is deemed to be a related party of the Company pursuant to the AIM Rules for Companies (the "AIM Rules") as they are a substantial shareholder and because Ian Smith, CEO of MXC is Executive Director of IDE.

 

Andy Parker, being the sole independent director for these purposes considers, having consulted with the Company's nominated adviser, finnCap, that the terms of the related party transaction are fair and reasonable insofar as the shareholders of the Company are concerned.

 

 

 

Contacts:

 

IDE Group Holdings Plc

Andy Parker, Non-Executive Chairman

 

Tel: +44 (0)344 874 1000

finnCap Limited

Nominated Adviser and Broker

Corporate finance: Jonny Franklin-Adams/ Abby Kelly

ECM: Tim Redfern/ Richard Chambers

Tel: +44 (0)20 7220 0500

 

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END
 
 
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Date   Source Headline
18th Oct 20198:15 amRNSDirector/PDMR Shareholding
26th Sep 20197:00 amRNSHalf-year Report
22nd Aug 20197:00 amRNSResult of AGM
25th Jul 20197:30 amRNSRestoration - IDE Group Holdings Plc
25th Jul 20197:00 amRNSFinal Results and Notice of AGM
1st Jul 20197:30 amRNSSuspension - IDE Group Holdings Plc
28th Jun 20197:00 amRNSPreliminary Results
28th Jun 20197:00 amRNSPublication of Results and Temporary Suspension
11th Mar 20197:00 amRNSTrading Update
12th Feb 20197:00 amRNSResult of Open Offer to Subscribe for Loan Notes
4th Feb 20194:51 pmRNSHolding(s) in Company
24th Jan 20197:00 amRNSOpen Offer to Subscribe for Loan Notes
10th Jan 20197:00 amRNSLoan Note Issue
8th Jan 20197:00 amRNSHolding(s) in Company
15th Oct 20187:00 amRNSCompletion of Strategic and Operational Review
5th Oct 20187:00 amRNSBoard Changes
28th Sep 20187:00 amRNSUnaudited Interim Results
21st Aug 20185:58 pmRNSHolding(s) in Company
20th Aug 201812:20 pmRNSResult of General Meeting and Directorate Change
20th Aug 20189:18 amRNSResult of Open Offer
9th Aug 20187:00 amRNSAppointment of Non-Executive Director
6th Aug 20186:00 pmRNSHolding(s) in Company
2nd Aug 20184:18 pmRNSHolding(s) in Company
2nd Aug 20184:16 pmRNSHolding(s) in Company
2nd Aug 201811:42 amRNSNotice of General Meeting and Posting of Circular
31st Jul 20187:00 amRNSProposed investment in IDE Group Holdings
31st Jul 20187:00 amRNSFundraising and Open Offer
16th Jul 20187:01 amRNSChange of Adviser
16th Jul 20187:00 amRNSTrading Update
2nd Jul 20189:14 amRNSHolding(s) in Company
29th Jun 20184:41 pmRNSHolding(s) in Company
28th Jun 201811:42 amRNSResult of AGM
6th Jun 201811:42 amRNSNotice of AGM and posting of Annual Report
30th May 20187:00 amRNSIssue of Loan Notes and further updates
23rd May 20187:00 amRNSProposed Issue of Unsecured Loan Notes
8th May 20187:00 amRNSFinal Results
24th Apr 20187:00 amRNS2017 Results Timing Update
11th Apr 201810:20 amRNSHolding(s) in Company
22nd Mar 20187:00 amRNSBoard Changes & Update
7th Feb 20187:00 amRNSClaim for damages against IDE Group Holdings Plc
2nd Feb 20187:00 amRNSTrading Update
1st Feb 20187:15 amRNSClaim for damages
10th Jan 20187:00 amRNSBoard Change
30th Nov 20174:00 pmRNSChange of Name to IDE Group Holdings Plc
22nd Nov 20174:29 pmRNSRe: Company name
26th Sep 20171:15 pmRNSHolding(s) in Company
21st Sep 20177:00 amRNSHalf-year Report
24th Aug 20177:00 amRNSInvestment in Cyber - Security Offering
1st Aug 201711:17 amRNSRe: Company Name
11th Jul 20171:55 pmRNSRe: Company Name
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