Last checked at 1 Aug 2008 13:49
FOR IMMEDIATE RELEASE 1 August 2008
PATHFINDER PROPERTIES PLC
("Pathfinder" or the "Company")
Related Party Loans
The Company announces that it has arranged unsecured loans of £455,000 and £200,000 respectively from two Directors of the Company, G Lee and E Azouz. These loans, amounting to £655,000 in aggregate, have been made through two companies controlled by Mr Lee and Mr Azouz and will be used to provide additional working capital to the Company. The loans are for an indefinite period and are repayable on demand with interest being charged on the loans at a rate of 8% per annum.
Under the AIM Rules, the loans are classified as a related party transaction. The Directors, other than Mr Lee and Mr Azouz who are interested in the transaction, (the "Independent Directors"), who have consulted with Beaumont Cornish Limited, consider the terms of the transaction to be fair and reasonable insofar as the shareholders of the Company are concerned.
Contact: Gerry Lee, Pathfinder Properties plc on 020 8731 0110
Roland Cornish, Beaumont Cornish Limited on 020 7628 3396.