Repayment of loan facilities

RNS Number : 0907B

Caledonian Trust PLC

08 June 2021

 

8 June 2021

Caledonian Trust plc

("Caledonian Trust", the "Company" or the "Group")

Repayment of loan facilities totalling c.£215,000

Caledonian Trust, the Edinburgh-based property investment holding and development company, announces that the Company has repaid £115,000 of outstanding loans plus accrued interest owed to Leafrealm Limited ("Leafrealm"), a company controlled by Douglas Lowe, Caledonian Trust's Chairman, Chief Executive and major shareholder. The loan facility with Leafrealm that has been repaid was put in place in July 2020 for working capital purposes and had been fully drawn down by the Company.

In addition, the Company has also repaid an unsecured loan of £99,999 to Mrs V Baynham, the wife of Mike Baynham, Finance Director of Caledonian Trust.

The repayment of the loans is consistent with the Company's stated intentions for the use of the net proceeds from the sale of Ardpatrick Estate, as announced by the Company on 28 April 2021.

Following the loan repayment, the aggregate amount remaining owed to Leafrealm across various prior loan arrangements totals £4,380,000 comprising: (i) an unsecured loan of £4,020,000 which carries interest at a rate of 3 per cent. above the base rate of the Bank of Scotland from time to time ("base"); and (ii) an unsecured development loan of £360,000 which carries interest at a rate of 0.5 per cent. above base. Further details on these loans can be found in the Company's results announcement released on 23 December 2020.

Enquiries:

Caledonian Trust plc
Douglas Lowe, Chairman and Chief Executive Officer	Tel: [phone]
Mike Baynham, Finance Director	Tel: [phone]
Allenby Capital Limited (Nominated Adviser and Broker)
Nick Athanas Alex Brearley	Tel: [phone]

 

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