Business
Directors provide loan, update on own brand launch
Directors provide loan, update on own brand launch.
About this update from B90 Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 5817U Veltyco Group PLC 01 April 2019 \n\n1 April 2019\n \nVeltyco Group plc\n(\"Veltyco\", the \"Company\" or the \"Group\")\n \nDirectors' Loans to the Company and update on launch of own regulated brand\n \nVeltyco Group plc (AIM: VLTY), the online marketing company for the gaming industry, announces that it has entered into separate loan agreements with three of its directors, being Paul Duffen, Marcel Noordeloos and Mark Rosman, pursuant to which each director will provide a loan of €166,667 to the Company, totalling €500,000, which will be used to provide additional working capital to the Group (the \"Loans\"). The Loans, which are unsecured, are for a term of three years and will accrue interest at 5% per annum over the term of the Loans. The Loans can be repaid on or before 31 March 2022 at the Company's election.\n \nMark Rosman, Paul Duffen and Marcel Noordeloos as directors of the Company are deemed to be related parties of the Company pursuant to the AIM Rules for Company's (\"AIM Rules\") and the Loans are therefore related party transactions for the purposes of Rule 13 of the AIM Rules. Rainer Lauffs, being the independent director for the purposes of the Loans, considers, having consulted with Strand Hanson Limited, the Company's nominated adviser, that the terms of the Loans are fair and reasonable insofar as Veltyco's shareholders are concerned.\n \nThe Nestegg BV, a company wholly owned by Mark Rosman, has loaned the funds being lent by each of Paul Duffen, Mark Rosman and Marcel Noordeloos to the aforementioned directors to enable them to make the Loans.\n \nFurther to the Company's announcement of 31 December 2018, it confirms that whilst it continues to work towards the launch of its own regulated online financial trading brand, the timing of such launch is currently not certain. The Company will keep shareholders updated in this regard as appropriate.\n \nThis announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.\n \nFor further information please contact:\n \nVeltyco Group Plc  ...