16 Sep 2015 12:02
Wednesday 16 September 2015
Starvest Plc ("Starvest" or "the Company")
Loan from former Chairman
The Company is pleased to announce that it has received a loan of £100,000 from Bruce Rowan, its former Chairman who left the board on 1 September 2015. The funds will be used to make new investments in accordance with Starvest's investing policy and/or to support existing investments and to provide additional working capital for the Company.
The loan, which is unsecured and interest free, is repayable on 14 September 2016 or may be converted into Starvest ordinary shares of 1 penny each at a price of 3 pence per share, at the option of Mr Rowan.
As Mr Rowan was a director of the Company within twelve months of the date of this loan, it falls to be disclosed as a related party transaction under Rule 13 of the AIM Rules for Companies. The Starvest directors, having consulted with the Company's nominated adviser, consider that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.
Starvest's chairman, Callum Baxter, commented:
"The board extend their sincere thanks to Mr Rowan for his service to the Company and continued support. The loan provides additional confidence in the Company's ability to continue its active investment strategies."
Enquiries to:
John Watkins, Finance Director 07768 512404; john@starvest.co.uk
Colin Aaronson/Harrison Clarke - Grant Thornton UK LLP 020 7383 5100
Nick Emerson - SI Capital Limited 01483 413500
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