Business
Loan Facility - Correction
Loan Facility - Correction.
About this update from Blackbird Plc
[{"type":"text","content":"\n Forbidden Technologies PLC\n05 June 2007\n\n5 June 2007\n\nForbidden Technologies plc\n\n£1 million Loan Facility - Correction\n\nThe following announcement replaces the announcement regarding the £1 million\nloan facility released today at 16.49pm under RNS number 8296X. It includes a\ncorrection to the date after which time a rate of interest payable of 10% will\nstart accruing, from 30 November 2007 to 30 November 2008. There is also an\nadditional final paragraph.\n\nFurther to the announcement by Forbidden Technologies plc (the 'Company') of 22\nMay 2007 in which it was noted that the Directors were considering a number of\npotential sources of funding including a possible director's loan, the Company\nannounces that it has signed an agreement to secure unsecured loan facilities\nfrom its Chairman (Vic Steel) and CEO (Stephen Streater) of up to £1,000,000\n(one million pounds). In the event of a new share issue of £1,000,000 or more,\nthe loan advanced by the Chairman of up to £100,000 would, at the option of the\nChairman, be convertible into shares on the same terms as the share issue.\n\nThe loan is expected to provide working capital for the company for the\nforeseeable future, and to support the company to a break even or profitable\nposition, and as such the maximum facilities available for drawdown each month\nare tapered over the next three years.\n\nNo interest will accrue on the facilities until 30 November 2008 at which point\nthe rate of interest payable will increase to 10% per annum for the twelve month\nperiod to 30 November 2009 and by a further by 10% per annum until the loan\nfacilities are repaid in full. The facilities (or any part thereof) may be\nrepaid at any time by the Company and will become immediately repayable on\ndemand upon the occurrence of standard events of default.\n\nForbidden Technologies plc (the 'Company') confirms that the Independent\nDirectors (being the Board of Directors excluding Messrs Steel and Streater)\nconsider, having consulted with its Nominated Adviser, that the terms of the\ntransaction outlined therein are fair and reasonable insofar as the shareholders\nof the Company are concerned.\n\nEnquiries:\nForbidden Technologies plc 020 8879 7245\n Stephen Streater, Chief Executive\n\nNominated Adviser - Bell Lawrie (a division of Brewin Dolphin\nSecurities Limited) 014...