Financing and Loan Repayment

RNS Number : 7718H

Biome Technologies PLC

17 July 2012

 



17 July 2012

Biome Technologies plc ("Biome", "the Company" or "the Group")

Financing and loan repayment

Biome Technologies plc announces that it has received €255,000 in repayment and accrued interest on its shareholder loans with Biotec, its joint venture manufacturing facility in Germany. Sphere S.A., Biome's partner in the joint venture, has received a similar payment in relation to its interest in Biotec.

In addition, Biotec entered into a €1.5m loan agreement with Sparkasse Emmerich last week. This loan has a five year term, carries a fixed interest rate of 3.25% and is secured against Biotec's property. Repayments of 15% of the principal amount fall due at the end of each of the first four years with the remaining 40% due at the end of year five.

Paul Mines, Chief Executive of Biome Technologies, said:

"The Board is pleased to see the second interest and loan payment on the loans from its jointly owned manufacturing facility. Biotec's loan from Sparkasse bank underpins the working capital requirements of the joint venture business and supports the Company's strategy of securing a sustainable business in the bioplastics market."

-Ends-

For further information please contact:

Biome Technologies plc                                              

Paul Mines, Chief Executive Officer

Declan Brown, Group Finance Director

www.biometechnologiesplc.com                                               Tel: [phone]

Daniel Stewart & Company plc                        

David Hart

www.danielstewart.co.uk                                                          Tel: [phone]

First Columbus

Chris Crawford/Kelly Gardiner                                    

www.first-columbus.com                                                          Tel: [phone]

FTI Consulting                                                 

Oliver Winters/Latika Shah                                                       Tel: [phone]

 

END

 

 

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