REG - CEPS PLC - Extension of existing related party loan

CepsAnnouncement

03/05/2022 07:00

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RNS Number : 9756J  CEPS PLC  03 May 2022

3 May 2022

CEPS PLC

("CEPS" or the "Company")

 

Extension of existing related party loan

 

The repayment date of the loan from Chelverton Asset Management Limited (the
"CAM Loan") to CEPS which stands at £2,950,000 (which was originally
announced on 2 June 2020 with subsequent extensions to its repayment date) has
been changed from 31March 2023 to being on a rolling eighteen-month basis with
effect from 29 April 2022.  All other terms of the CAM Loan remain the same
including that it carries an interest rate of 5 per cent. accruing daily and
payable in arrears on 31 March, 30 June, 30 September and 31 December.

 

CEPS' obligations in respect of the CAM Loan have been guaranteed by Mr David
Horner.  As David Horner is a director of the Company and, therefore, deemed
to be a related party pursuant to the AIM Rules for Companies, is a 14.06%
shareholder and, together with his family, owns 55.25% of CAM Holdings
Limited, which owns 100% of Chelverton Asset Management Limited (which is,
therefore, itself a related party), both the extension of the CAM Loan, and
the provision of the guarantee, are considered to be related party
transactions pursuant to AIM Rule 13.  The directors of the Company who are
considered independent for the purposes of the CAM Loan and the guarantee of
the CAM Loan by David Horner, being Geoff Martin, David Johnson and Vivien
Langford, having consulted with the Company's nominated adviser, Cairn
Financial Advisers LLP, consider the CAM Loan and the guarantee of the CAM
Loan by David Horner to be fair and reasonable insofar as the Company's
shareholders are concerned.

This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the
European Union (Withdrawal) Act 2018).

The directors of the Company accept responsibility for the content of this
announcement.

 

Enquiries

 

 CEPS PLC

 Vivien Langford, Group Finance Director                +44 1225 483030

 Cairn Financial Advisers LLP

 James Caithie / Sandy Jamieson / Ludovico Lazzaretti   +44 20 7213 0880

 

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward
looking statements. Forward looking statements are identified by their use of
terms and phrases such as ''believe'', ''could'', "should" ''envisage'',
''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect",
''will'' or the negative of those, variations or comparable expressions,
including references to assumptions. These forward-looking statements are not
based on historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of operations,
performance, future capital and other expenditures (including the amount,
nature and sources of funding thereof), competitive advantages, business
prospects and opportunities. Such forward looking statements reflect the
Directors' current beliefs and assumptions and are based on information
currently available to the Directors.

 

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