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13 Feb 2009 07:00
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AlbanyĀ Capital plc
("Albany" or "the Company")
Loan AgreementĀ
Albany Capital plc ('Albany' or 'the Company') announces that it has entered into anĀ agreement withĀ Hermes Financial Group (BVI) Ltd. ('Hermes') dated 6Ā February 2009, pursuant to whichĀ AlbanyĀ will make available a loan facility on a secured basis of up toĀ Ā£1,750,000Ā (the 'Loan') toĀ Hermes.
Hermes (the 'Borrower') may request drawdownĀ by giving notice toĀ AlbanyĀ (the 'Lender') specifying the amount of the advance.Ā The provisions relating to the Loan agreement state that the final date of drawdown shall be no later thanĀ 30 April 2009.
TheĀ LoanĀ matures six months from drawdown and shall accrue interest at a rate of 18% per annum payable on maturityĀ in cash along with the principal.Ā AĀ feeĀ willĀ alsoĀ be payable, in cash,Ā by the Borrower to the LenderĀ for an amount equal to 3% of eachĀ advance.Ā
As part of theĀ loanĀ agreement,Ā Albany will hold a charge over 2,222,222 ordinary shares in Sorbic International PlcĀ ('Sorbic')Ā created by Hermes, and 3,338,850 ordinary shares in Sorbic International Plc created by Prime Mega International (BVI) Ltd.Ā
The Loan is to be used byĀ HermesĀ toĀ pay off an existing debt owedĀ to Sorbic.Ā AlbanyĀ currently ownsĀ 8,937,778Ā shares in Sorbic representingĀ 38.7% of its total issued share capital.
Enquiries: www.albanycapital.co.uk
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AlbanyĀ Capital,
John McLean, Chairman
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tel: +44 (0)7768 031454
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WH Ireland,Ā James Joyce/ Sarang Shah
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tel: +44 (0) 20 7220 1666
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Hansard Group John Bick
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tel: +44 (0)7872 061007
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