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Asia Ceramics Hldgs (ACHP)

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Tuesday 25 August, 2015

Asia Ceramics Hldgs

Loan Agreement

RNS Number : 9887W
Asia Ceramics Holdings PLC
25 August 2015
 



Asia Ceramics Holdings PLC

Asia Ceramics Holdings plc

('Asia Ceramics' or the 'Company')

Loan Agreement

The Company announces that it has entered into a loan agreement with Tom Pu , its chief executive in relation to loan accounts the Company has with Dr Pu.

The loan agreement provides for loans to Dr Pu for up to a maximum of  £500,000. The loan agreement is separate from the pre-existing loan facility agreement announced on 11 May 2015 whereby Dr Pu has loaned £600,000 to the Company as part of a facility of £750,000 repayable by 31 December 2018 ('the Loan Facility').

The balance on the loans to Dr Pu  was  approximately £150,000 at 31 July 2015 and as at 31 December 2014 was £ 328,676 . The Loan Agreement provides that the balance on the loan accounts shall be repayable by 31 December 2016, shall bear interest at a rate of 5% per annum and shall not exceed at any time the amount drawn down by the Company on the Loan Facility.

The Loan Agreement is a related party agreement under the AIM Rules. The independent directors, being the directors of the Company other than Dr Pu, consider , having consulted with WH Ireland , that the terms of the Loan  Agreement are fair and reasonable insofar as its shareholders are concerned.

Enquiries:

 

     Alei Duan             Asia Ceramics Holdings       Tel: 07776 481

                            plc                          237

     James Joyce /         WH Ireland Limited           Tel: 020 7220

      James Bavister                                     1666

 

 

 

  

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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