Shareholder Loan Update

RNS Number : 5933U
Blue Star Capital plc
02 January 2013
 



For immediate release 2 January 2013

 

 

Blue Star Capital plc

 

("Blue Star Capital" or "the Company")

 

Shareholder Loan Update

 

Blue Star Capital is pleased to announce that further to the announcement dated 3 December 2012, the Company has successfully completed an extension to the shareholder loan agreement (the "Loan") entered into on 28 April 2011, and thereafter extended on 1 June 2012 and 12 October 2012.  The original amount of the Loan was £400,000 which, with the accrued interest at 10%, had been due for repayment by 30 September 2012.

 

Save as set out below, the terms of the Loan remain unchanged, except that repayment, which was scheduled for close of business 30 November 2012, has now been deferred until 31 January 2013 (the "Final Redemption Date").

 

As at 30 November 2012, the amount outstanding under the Loan (including interest and repayment premium) was £538,015 ("Revised Principal").  The Revised Principal will continue to accrue interest until the Final Redemption Date as follows:

 

(i)      at a rate of 1.5% per month, or part month, from 30 November, 2012  to the Final Redemption Date; and

(ii)      at a rate of 2.0% per month, or part month, from the Final Redemption Date.

 

The Company has further agreed that the warrants issued to the providers of the Loan at the time of the original loan agreement will be amended by no later than the Final Redemption Date, such that the exercise date of the warrants will be extended to 6 October 2016.

 

Anthony Fabrizi and a company connected with Noel Lyons (both individuals being non-executive directors of the Company) are amongst those that are providing the Loan and are each a related party for the purposes of AIM Rule 13.  The independent directors of the Company, being The Rt Hon The Lord Dear Kt QPM DL LLB, Peter Varnish OBE and General Sir Michael Wilkes KCB CBE consider, having consulted with the Company's nominated adviser Daniel Stewart & Company plc ("Daniel Stewart"), that the terms of the Loan are fair and reasonable insofar as the Company's shareholders are concerned.

 

 

Enquiries:

 

Blue Star Capital plc

Tony Fabrizi

  Tel:0777 178 2434




Daniel Stewart & Company plc (Nomad & Joint Broker)

David Hart Director, Corporate Finance

Martin Lampshire, Head of Corporate Broking

  Tel: 020 7776 6550

 

 


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