Extension of maturity date of loans to Telecredit

RNS Number : 3593G

Reconstruction Capital II Ltd

14 November 2022

 

14 November 2022 

Reconstruction Capital II Limited

Extension of the maturity date of loans to Telecredit IFN S.A.

Reconstruction Capital II Limited (the "Company") announces that the following parties have entered into agreements to provide unsecured loans to Telecredit IFN S.A. ("Telecredit") (the "Connected Loans"), extending existing loans that were announced on 16 November 2021 and 22 December 2021:

Lender	Amount	Loan Term
Ion Florescu - a substantial shareholder in the Company	€250,000	23 December 2022 - 22 March 2024
	€100,000	17 November 2022 - 16 February 2024
Cornelia Oancea - CEO of New Europe Capital SRL and a director of Telecredit	€100,000	17 November 2022 - 16 February 2024

Interest on the Connected Loans will accrue at 9.2%.  The loans will be used to support the working capital requirements of Telecredit related to its SMEs factoring and discounting operations.

The terms of the Connected Loans constitute a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. The independent directors of the Company (other than Zoran Melovski being a director of Portadrix Investments Limited, the majority shareholder of New Europe Capital SRL), having consulted with the Company's nominated adviser, Grant Thornton UK LLP, consider that the terms of the Loan are fair and reasonable insofar as the Company's shareholders are concerned.

For further information, please contact:

Reconstruction Capital II Limited

Cornelia Oancea / Luca-Cristian Nicolae

Tel: [phone]

Grant Thornton UK LLP (Nominated Adviser)

Philip Secrett / George Grainger / Samuel Littler

Tel: [phone]

 

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