8 Feb 2010 11:30
AEC
AEC Education plc
("AEC" or the "Company")
Loan Facility
AEC, the fast-growing educational courses and examinations provider, is pleased to announce that its wholly owned subsidiary, AEC Edu Group Pte Ltd ("AEC Edu"), has entered into an agreement with The Hongkong and Shanghai Banking Corporation Limited ("HSBC") for the provision of a loan facility for up to SGD2,000,000 (approximately £880,000) (the "Loan Facility").
The Loan Facility provides additional working capital and importantly, will also assist AEC Edu with its business expansion programme. The facility is available for a period of four years from the date of the first draw down and interest will be charged at 5% per annum. AEC is acting as guarantor for the obligations of AEC Edu under the terms of the Loan Facility.
David Ho, Chief Executive Officer of AEC and Managing Director of AEC Edu, commented,
"As AEC continues to expand successfully, this loan facility with HSBC provides us with access to additional funds to support our exciting growth plans for the business."
Enquires:
| AEC Education plc |
| Tel: +44 (0) 20 8308 1202 |
| Liam Swords |
|
|
|
|
|
|
| WH Ireland Limited (NOMAD & Broker) |
| Tel: +44 (0)161 832 2174 |
| Adrian Kirk |
|
|
| Stuart Forshaw |
|
|
|
|
|
|
| Biddicks |
| Tel: +44 (0) 207 448 1000 |
| Katie Tzouliadis |
|
|
| Sophie Lane |
|
|
Malvern Intl (MLVN)