Business
Loan Agreement and Issue of Warrants
Loan Agreement and Issue of Warrants.
About this update from Blue Star Capital Plc
[{"type":"text","content":"\n \nRNS Number : 6807F Blue Star Capital plc 28 April 2011 \n\n28 April 2011\n \n \nBlue Star Capital plc (\"Blue Star\" or \"the Company\")\n \nLoan Agreement and Issue of Warrants \n \nLoan Agreement\n \nThe Company announces that it has today entered into a £400,000 loan agreement (the \"Loan Agreement\") with Highland Fund Managers Limited, a shareholder of the Company, to fund the Company's immediate working capital requirements. Highland Fund Managers is also acting as agent and trustee for a number of other persons, whose participation in the Loan Agreement is set out in the table below:\n \n\n\n\n\n Name \n\n\nAmount of Loan (£)\n\n\n\n\nHighland Fund Managers Limited\n\n\n100,000\n\n\n\n\nBaisden Investments Limited\n\n\n200,000\n\n\n\n\nMr Anthony Fabrizi\n\n\n32,500\n\n\n\n\nIntrinsic Capital LLP\n\n\n32,500\n\n\n\n\nMofiti Limited\n\n\n30,000\n\n\n\n\nMr Richard Excell\n\n\n5,000\n\n\n\n\nTotal\n\n\n400,000\n\n\n\n\n \nIn addition, Highland Fund Managers Limited has committed to provide a further £350,000 if the Company's working capital position requires in the next 12 months, reduced on a pound for pound basis by the amount of any realisation made by the Company on the sale of any of the Company's investment assets. The shareholder loan, together with the accrued 10% interest, is repayable in full by the Company on 30 May 2012.\nThe Loan Agreement is secured through a debenture agreement which gives Highland Fund Managers Limited a charge over the Company's assets, which were valued at £2,764,027 in the Company's annual report for the year ended 30 September 2010, which was also published today. The Loan Agreement is also conditional on the appointment of Anthony Fabrizi and Noel Lyons to the Board of the Company. Mr Fabrizi and Mr Lyons will not be remunerated for their service.\nIssue of Warrants\n \nIn addition, the Company announces that it has today issued 15,000,000 warrants over new ordinary shares of 0.1 pence each at an exercise price of 2 pence to the persons set out in the table below:\n \n\n\n\n\nName \n\n\nNo. of Warrants\n\n\n\n\nHighland Fund Managers Limited\n\n\n3,750,000\n\n\n\n\nBaisden Investments Limited\n\n\n7,500,000\n\n\n\n\nMr Anthony Fabrizi\n\n\n1,218,750\n\n\n\n\nIntrinsic Capital LLP\n\n\n1,218,750\n\n\n\n...