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Further support for continued growth by EWMG

23 Dec 2013 07:00

RNS Number : 1778W
EW Group Limited
23 December 2013
 

For immediate release: 23 December 2013

EW GROUP LIMITED

("EW Group" or "the Company")

 

Further support for continued growth by European Wealth Management Group Plc ("EWMG")

 

 

The Company is pleased to announce that it has advanced a further £200,000 ("New Loan") to its investee company, EWMG, in which it holds a 49% stake, to support EWMG's continuing growth.

 

The New Loan is for two years and bears interest at 10%, payable monthly, the total principal amount of outstanding loans to European Wealth is £2,500,000. The New Loan has been funded by an unsecured two year loan of £200,000 from a new investor.

 

Related Party Transaction

 

The entering into of the Consolidated Loan is a Related Party Transaction for the purposes of AIM Rule 13, and accordingly is conditional upon the approval of the independent directors of the Company ("Independent Directors").

 

Having consulted with Daniel Stewart & Company Plc, the Company's nominated adviser, the Independent Directors believe that the issue of the Consolidated Loan outlined above is fair and reasonable insofar as the Company's shareholders are concerned.

 

Further information please contact:

 

EW Group Limited

Paul Everitt: +44 (0)14 8173 2888

John Morton: +44 (0)203 008 8013

 

Daniel Stewart & Company Plc - Nominated Adviser and Broker

Antony Legge and Ciaran Walsh: +44 (0)20 7776 6550

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
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