Extension of Loan Facility

RNS Number : 8193I

Crimson Tide PLC

18 March 2010

 



Crimson Tide plc

("Crimson Tide" or the "Company")

Extension of loan facility

Crimson Tide is pleased to announce that its existing loan facility with the Goodwin Accumulation and Maintenance Trust, a trust of which Stephen Goodwin, the Company's Chief Executive, is a trustee, (the "Trust") has been extended to 5 August 2011. The terms of the loan facility are unchanged.

The facility is for up to £300,000 at a fixed interest rate of 12.5 per cent payable monthly in arrears.  The Trust also has the option to purchase new ordinary shares in the capital of the Company up to a value of 50 per cent. of the principal of the loan at an exercise price of 1.21875 pence per share for the duration of the loan facility unless the Company issues shares at a lower price during the loan period in which case the exercise price shall be adjusted to the lower price. The Trust also has the option to participate in any issue of new ordinary shares by the Company. 

Pursuant to Rule 13 of the AIM Rules for Companies, the provision of the loan facility by the Trust (of which Stephen Goodwin is a trustee) constitutes a related party transaction.  The Board of the Company (excluding Stephen Goodwin), having consulted with the Company's Nominated Adviser, Arbuthnot Securities Limited, considers that the terms of the loan facility are fair and reasonable insofar as its shareholders are concerned.

Enquiries:

Crimson Tide Plc Barrie Whipp, Executive Chairman www.crimsontide.co.uk	01892 542 444
Arbuthnot Securities Limited Tom Griffiths	0207 012 2000
Threadneedle Communications Graham Herring Josh Royston	020 7653 9850

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