4 February 2009
Talent Group plc
("Talent" or the "Company")
Related Party Loan
Terence Bate, Chairman of the Company, has committed to advance an additional
unsecured loan of 100,000 to the Company to enhance the working capital of the
Company and its subsidiaries. The loan is for an indefinite period and will be
repaid as and when the Company has sufficient working capital to do so.
Interest on the loan will be charged at 6 per cent. per annum.
In addition, the Company has agreed to a change in the interest rate that
applies to the 600,000 loan provided by Mr Bate in 2008. The new interest
rate, which will apply from 21 January 2009, will also be 6 per cent. per
annum. (previously 1.75 per cent. over Barclays Base Rate).
Under the AIM Rules, the additional loan to be provided by Mr Bate and the
change to the interest rate to be applied to the existing loan is classified as
a related party transaction. The Directors, other than Mr Bate who is
interested in the transaction (the "Independent Directors"), who have consulted
with John East & Partners Limited, consider the terms of the transaction to be
fair and reasonable insofar as the shareholders of the Group are concerned. In
advising the Independent Directors, John East & Partners Limited has relied
upon their commercial assessment.
ENQUIRIES:
Talent Group plc
Tony Humphreys Tel: 020 7421 7800
John East & Partners Limited
John East / Simon Clements Tel: 020 7628 2200
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