REG - DCI Advisors Ltd - Shareholder Loans and a Related Party Transaction

DCI AdvisorsAnnouncement

14/09/2023 12:45

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RNS Number : 4910M  DCI Advisors Limited  14 September 2023

DCI Advisors Ltd

(the "Company" or "DCI")

Shareholder Loans and a Related Party Transaction

 

14 September 2023

 

Shareholder Loans

 

The Board of the Company has entered into two further loan agreements with a
DCI shareholder to provide additional working capital to the Company.  When
combined with the shareholder loans announced previously, all of the
Shareholder Loans are expected to total up to €2.0 million in aggregate (the
"Shareholder Loans" or "Shareholder Loan Agreements").  The four previous
loans amounted to €350,000 each and these new loans are from two investment
funds managed by the same fund manager and are for US$330,000 in total.  All
of the Shareholder Loans have identical terms to one another (other than their
date of initiation and currency of denomination) and are for a 12-month term
bearing an interest rate of 12 per cent. p.a., with no fees payable on
disbursement or repayment. The Company's intention is to repay the Shareholder
Loans from the proceeds of the sale of Company assets.  If the Shareholder
Loans have not been repaid by 30 September 2023, collateral in the form of
security over certain Company assets will be put in place which would exceed
the aggregate value of the loans.

 

The two new Shareholder Loan Agreements have been entered into with funds
managed by Almitas Capital LLC ("Almitas") which controls 11.1% of the issued
share capital of the Company. Accordingly, the entering into of the
Shareholder Loan Agreements with Almitas are deemed to be related party
transactions pursuant to AIM Rule 13 of the AIM Rule for Companies.  The
Company's directors consider, having consulted with the Company's Nominated
Adviser, Cavendish Capital Markets Limited, that the terms of the Almitas
Shareholder Loan Agreements are fair and reasonable insofar as the
shareholders are concerned.

 

Change of Name of Broker

 

The Company also announces that its Nominated Advisor and Sole Broker has
changed its name to Cavendish Capital Markets Limited following completion of
its own corporate merger.

 

Enquiries

 DCI Advisors Ltd

 Nicolai Huls / Nick Paris, Managing Directors                                nickparis@btinternet.com

                                                                              +44 (0) 7738 470550
 Cavendish Capital Markets (Nominated Adviser & Broker)

 William Marle / Jonny Franklin-Adams / Edward Whiley / (Corporate Finance)

 Mark Whitfeld / Pauline Tribe (Sales)                                        +44 (0) 20 7220 0500
 FIM Capital Limited (Administrator)                                          llennon@fim.co.im (mailto:llennon@fim.co.im) / gdevlin@fim.co.im

                                                                            (mailto:gdevlin@fim.co.im)
 Lesley Lennon / Grainne Devlin (Corporate Governance)

 

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