23 Jun 2023 17:00
23 June 2023
Reconstruction Capital II Limited
Loans to Telecredit IFN S.A.
Reconstruction Capital II Limited (the "Company") announces that the following parties have entered into agreements to provide a total of €400,000 in unsecured loans to Telecredit IFN S.A. ("Telecredit"): Ion Florescu (a substantial shareholder in the Company) €150,000, and Cornelia Oancea (an officer of New Europe Capital SRL, Adviser to the Company) €100,000 (the "Connected Loans"), in addition to €150,000 from a third party (the "Loans").
The Loans mature in June 2024 and carry an annual interest rate of 8% and were granted to support the working capital requirements of Telecredit related to its SME factoring and discounting operations.
The Connected Loans constitute a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. The independent directors of the Company (other than Zoran Melovski being a director connected to Ion Florescu), having consulted with the Company's nominated adviser, Grant Thornton UK LLP, consider that the terms of the Connected Loans are fair and reasonable insofar as the Company's shareholders are concerned.
For further information, please contact:
Reconstruction Capital II Limited
Cornelia Oancea/Luca Nicolae
Tel: +40 21 3167680
Grant Thornton UK LLP (Nominated Adviser)
Philip Secrett / George Grainger
Tel: +44 (0) 20 7383 5100