Director Loan

RNS Number : 7439Y

Verditek PLC

13 May 2019

 

Verditek PLC

("Verditek" or the "Company")

Director Loan

Verditek plc, (AIM: VDTK) confirms that it has entered into a secured loan with Gavin Mayhew, a non-executive director of the Company, (the "Loan").

The principal amount of the Loan is $600,000.  The key provisions of the Loan are as follows: a term of 3 months but extendable at the Company's discretion to 6 months; interest payable at 20% per cent. per annum on the loan principal, payable at maturity and compounded quarterly.

Related Party Transaction

Gavin Mayhew, as a non-executive director of the Company, is considered to be a "related party" as defined under the AIM Rules and accordingly, the Loan constitutes a related party transaction for the purposes of Rule 13 of the AIM Rules.

The Directors independent of the Loan, being RH Lord David Willetts, George Katzaros, Geoff Nesbitt and Tim Lord, consider, having consulted with the Company's nominated adviser, WH Ireland, that the terms of the Loan are fair and reasonable insofar as the Company's shareholders are concerned.

About Verditek:

Verditek plc (AIM: VDTK), the clean technology company is headquartered in London. Verditek is dedicated to commercialising proven technologies that can deliver significant competitive advantage compared to conventional industrial solutions. From light-weight solar modules, cutting edge de-odourisation, and ground-breaking CO₂ capture, Verditek is realising tomorrow's technologies today.

For further information, please visit www.verditek.com 

Enquiries:

Verditek plc            Geoffrey Nesbitt, CEO	Tel: [phone]
WH Ireland Limited - NOMAD and Broker	Tel: [phone]
Chris Hardie Matthew Chan
Strand Hanson Limited - Financial Adviser James Harris Ritchie Balmer Jack Botros	Tel: [phone]

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

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