26 Jul 2019 16:13
26 July 2019
The Parkmead Group plc
("Parkmead", "the Company" or "the Group")
Extension of Loan, Related Party Transaction
The Parkmead Group plc is pleased to announce the 24-month extension of the interest-bearing loan to Energy Management Associates Limited ("EMAL") of £2.9 million (the "Loan"). By providing this facility, Parkmead benefits from an exclusive arrangement to join EMAL in new ventures being evaluated by the Company, including inter alia potential opportunities relating to renewable energies. The Loan will continue to bear a fixed interest rate of 2.5 per cent per annum, payable to Parkmead.
The entry by the Company into the Loan extension with EMAL, in which Tom Cross is a director and shareholder, is a related party transaction for the purposes of Rule 13 of the AIM Rules. The Directors (other than Tom Cross), having consulted with Arden, consider that such arrangements with EMAL are fair and reasonable insofar as the Company's shareholders are concerned.
For enquiries please contact:
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The Parkmead Group plc | +44 (0) 1224 622200 |
Tom Cross (Executive Chairman) |
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Ryan Stroulger (Chief Financial Officer) |
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Arden Partners plc (Financial Adviser, NOMAD and Corporate Broker to Parkmead) | +44 (0) 20 7614 5900 |
Ciaran Walsh |
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Maria Gomez de Olea |
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Parkmead (PMG)