Last checked at 24 Jan 2014 15:00
24 January 2014
Verdes Management PLC
Newick Convertible Loan - Update
Verdes Management PLC
("Verdes" or the "Company")
Newick Convertible Loan - Update
Further to the announcement made on 23 January 2014, and following discussions with the intermediary which remitted the £125,000 to Verdes on 16 January 2014, the Board has agreed at a board meeting held this afternoon to repay this sum to the intermediary.
Under the convertible loan agreement ("Newick Convertible Loan Agreement") of 4 October 2013 (as amended on 16 December 2013) with Newick Developments Limited ("Newick"), an amount of £125,000 was due on 20 December 2013, and the balance of £375,000 has now fallen due following the passing of certain resolutions at the general meeting held on 15 January 2014.
Arrangements are being put in place to receive the outstanding amounts of £125,000 and £375,000 from Newick as soon as possible.
For further information please contact:
Verdes Management PLC
Daan van den Noort - Chairman 00 31 6 10 89 65 81
Jan Geertman - Consultant to the Board 07825 501627
SPARK Advisory Partners Limited (Nominated Adviser)
Neil Baldwin 0113 370 8974
ENDS