Last checked at 29 Oct 2015 07:00
NORMAN BROADBENT PLC - Issue of secured loan notesNORMAN BROADBENT PLC - Issue of secured loan notes
PR Newswire
London, October 28
29 October 2015
Norman Broadbent plc
(“Norman Broadbent” or “the Company” or “the Group”)
Issue of secured loan notes
Norman Broadbent, a leading provider of executive search, leadership consultancy and complementary recruitment services, is pleased to announce it has raised £350,000, before expenses, through the issue of £350,000 nominal secured loan notes (“2015 Loan Notes”). Of the £350,000 nominal issued, £200,000 is being subscribed for by Downing One VCT plc and PFS Downing UK Micro Cap Growth Fund (together “Downing”) split as to £146,000 and £54,000 respectively, with the remaining £150,000 being subscribed for by Jon Moulton through Moulton Goodies Limited, a company beneficially owned by Jon Moulton.
The 2015 Loan notes will be repayable on 31 October 2017 and bear interest at 12 per cent. per annum which is payable in cash, quarterly in arrears. The proceeds of the 2015 Loan Notes will be used for working capital purposes generally.
Related Party Transaction
Downing and Jon Moulton are both substantial shareholders in Norman Broadbent and therefore the issue of the 2015 Loan Notes to both parties is deemed to be a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. The directors of Norman Broadbent, having consulted with the Group's nominated adviser, Sanlam Securities UK Limited, consider both Downing’s and Mr Moulton’s participation in the issue of the 2015 Loan Notes to be fair and reasonable insofar as shareholders are concerned.
For further information please contact:
| Norman Broadbent plc Scanes Bentley/James Webber | 020 7484 0000 |
| Sanlam Securities UK Limited Virginia Bull/Simon Clements | 020 7628 2200 |
Notes to Editors
Norman Broadbent plc is a leading provider of senior and board executive search and leadership consultancy and assessment services. Through AGP the Group also provides specialist contingent offerings, including RPO solutions. Norman Broadbent Interim Management provides a dedicated senior interim management service focussed on enhanced client returns on investment and long term benefits. Social Media Search provides digital research to assist in house recruitment as well as assisting professional service firms to drive sales by bespoke exploitation of social media.
For further information visit www.normanbroadbent.com