Sorbic International Regulatory News (SORB)

13 Feb 2009 07:00



Albany Capital plc

("Albany" or "the Company")

Loan Agreement 

Albany Capital plc ('Albany' or 'the Company') announces that it has entered into an agreement with Hermes Financial Group (BVI) Ltd. ('Hermes') dated 6 February 2009, pursuant to which Albany will make available a loan facility on a secured basis of up to £1,750,000 (the 'Loan') to Hermes.

Hermes (the 'Borrower') may request drawdown by giving notice to Albany (the 'Lender') specifying the amount of the advance. The provisions relating to the Loan agreement state that the final date of drawdown shall be no later than 30 April 2009.

The Loan matures six months from drawdown and shall accrue interest at a rate of 18% per annum payable on maturity in cash along with the principal. A fee will also be payable, in cash, by the Borrower to the Lender for an amount equal to 3% of each advance. 

As part of the loan agreement, Albany will hold a charge over 2,222,222 ordinary shares in Sorbic International Plc ('Sorbic') created by Hermes, and 3,338,850 ordinary shares in Sorbic International Plc created by Prime Mega International (BVI) Ltd. 

The Loan is to be used by Hermes to pay off an existing debt owed to Sorbic. Albany currently owns 8,937,778 shares in Sorbic representing 38.7% of its total issued share capital.

Enquiries: www.albanycapital.co.uk