15 June 2006
Wilshaw PLC (the 'Company')
General Update and Resignation of Mr Askham
15 June 2006
Further to the announcement made on 30th March 2006 concerning the short term
loan agreement with Mr Scot Young, the board announces that, whilst the loan has
not been repaid in accordance with its terms, the board continues to evaluate
the position as regards the potential investment opportunity in Moscow whilst at
the same time ensuring that repayment of, and security for, the loan is not
compromised. An appropriate amendment agreement to the original loan agreement
with Mr Young is in the process of being concluded.
The Company also announces that has it has accepted, with effect from today, the
resignation of Mr FGL Askham from the Board of Directors.
The Company is actively considering at present other investment opportunities
and hopes to be in a position to update shareholders shortly. In order to
provide the Company with further financial resources to pursue these
opportunities, the Company, subject to documentation and shareholders approval,
has agreed to issue a convertible loan note giving it a drawdown facility for
£500,000. The facility will be unsecured and interest free and will be
convertible into ordinary shares at par with warrants attached. Further details
relating to the note issue will be announced in due course.
Tel: 07768 455 773
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