Business
Loan repayment update
Loan repayment update.
About this update from Anglo Asian Mining Plc
[{"type":"text","content":"\n RNS Number : 5439Y Anglo Asian Mining PLC 23 December 2010 \n \n\nAnglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining\n23 December 2010\n \nAnglo Asian Mining plc ('Anglo Asian' or 'the Company')\n Loan repayment update\n \nAnglo Asian Mining plc, the AIM listed gold producer, announces it has repaid $5.4 million of its outstanding loan with the International Bank of Azerbaijan ahead of schedule, bringing the current loan balance to $29.6 million.\n \nAdditionally, Anglo Asian has rescheduled the repayment of its outstanding $998,663 loan provided by the Company's CEO Reza Vaziri on 7 August 2009. This will allow Anglo Asian to repay loans with a higher interest rate as a priority during a period of strong operational performance for the Company. As announced on 12 April 2010, it was agreed that repayment of the loan would be paid back in one instalment on 30 November 2010. Under the new rescheduled payment plan, the loan will be rolled over on a month by month basis with a 30 day notice period. The loan carries an all inclusive annual interest rate of 8 per cent. per annum.\n \nThe rescheduled repayment plan constitutes a related party transaction under AIM Rule 13. Having consulted with the Nominated Adviser, the Directors (excluding Mr Vaziri) believe that the terms of the transaction are fair and reasonable so far as the Company's shareholders are concerned.\n \nThe Company's total interest-bearing loans and borrowings, which were $43.0 million at 31 December 2009 and peaked at $45.9 million in March 2010, now stand at $30.6 million.\n \n**ENDS**\n \nFor further information please visit www.aamining.com or contact:\n \n\n\n\n\nReza Vaziri\n\n\nAnglo Asian Mining plc\n\n\nTel: +994 12 596 3350\n\n\n\n\nAndrew Herbert\n\n\nAnglo Asian Mining plc\n\n\nTel: +994 12 596 3350\n\n\n\n\nJohn Harrison\n\n\nNumis Securities Limited, as Nominated Adviser\n\n\nTel: +44 (0) 20 7260 1000\n\n\n\n\nJames Black\n\n\nNumis Securities Limited, as Corporate Broker\n\n\nTel: +44 (0) 20 7260 1000\n\n\n\n\nHugo de Salis\n\n\nSt Brides Media & Finance Ltd\n\n\nTel: +44 (0) 20 7236 1177\n\n\n\n\nFelicity Edwards\n\n\nSt Brides Media & Finance Ltd\n\n\nTel: +44 (0) 20 7236 1177\n\n\n\n\...