REG - Boston International - New Loan Facility

Boston International HoldingsAnnouncement

12/06/2020 07:01

RNS Number : 7372P
  
Boston International Holdings PLC
  
12 June 2020
  
 

 
For immediate release
 
 
Boston International Holdings Plc
("BIH" or the "Company")
 
12 June 2020
 
New Loan Facility
 
The Company is pleased to announce that it has entered yesterday into a new unsecured loan facility agreement (the "Loan Facility") with Boston Merchant (HK) Limited ("BMHK").
 
Under the Loan Facility, BMHK will provide £200,000 at an interest rate of 2.5 per cent per annum, repayable in full on the earlier of (i) 31 December 2021 or (ii) three business days following the date of re-admission of the entire issued and to be issued share capital of the Company to the Official List of the FCA and to trading on the London Stock Exchange's Main Market for listed securities, pursuant to completion by the Company of a Reverse Takeover (as defined in the Listing Rules), accompanied by a placing of new ordinary shares of £0.01 each raising a minimum of £1 million.
 
The proceeds of the Loan Facility will be used for general capital expenditure and working capital requirements.
 
BMHK is a substantial shareholder of the Company as defined by the Listing Rules. The provision of the Loan Facility is a related party transaction pursuant to DTR 7.3. BMHK is 98.04% owned by Borden James, a director of BIH.   
 
Richard Hartheimer and Norman Connell, the two other directors of BIH (each of whom are independent of BMHK), consider that the transaction is fair and reasonable insofar as its shareholders are concerned and accordingly have approved it. Due to Mr James' shareholding in BMHK, he did not participate in the approval or vote.
 
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
 
ENDS
 
 
For more information please contact:
 



Boston International Holdings Plc


 




Borden James


+44 (0) 7379 668 907




 


 




Beaumont Cornish Limited


 




Roland Cornish


+44 (0) 207 628 3396



 




 


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