13 Oct 2015 09:37
13 October 2015
reach4entertainment enterprises plc ( 'r4e', 'the Company' or 'the Group')
Further re Consultancy Contracts
In the Company's announcement on 18 September 2015, the Company advised that it was negotiating the terms of a continuing consultancy agreement with Glen House Capital Strategies Ltd ("Glen House"), a company wholly owned by Richard Ingham, a non-executive director of the Company. The consultancy agreement was entered into on 1 July 2015 and represented a transaction with a related party pursuant to AIM Rule 13. After subsequent review of the agreement and as the independent directors are unable to approve the agreement for AIM Rule 13 purposes, it has been agreed between the parties that this consultancy agreement be terminated.
Since 1 July 2015 three monthly payments have been made to Glen House under the consultancy agreement and it has been agreed with Glen House that these will either be repaid to the Company or off set against payments due under the earlier consultancy agreement entered into between Glen House and the Company on 1 January 2015 (referred to in the second paragraph of the announcement of 18 September 2015).
Mr Ingham continues to be a non-executive director of the Company and, in that capacity, continues to assist the Company in the restructuring of its bank debt.
Enquiries:
reach4entertainment enterprises plc David Stoller, Executive Chairman
| +44 (0) 20 7968 1655 |
Allenby Capital (Nominated Adviser and Broker) Jeremy Porter/James Reeve
| +44 (0) 20 3328 5656 |
Novella Communications (Financial PR) Tim Robertson / Ben Heath | +44 (0) 20 3151 7008 +44 (0) 7900 927650
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