Business
Third party loan and related party transaction
Third party loan and related party transaction.
About this update from Ceps Plc
[{"type":"text","content":"\n\n \n9 May 2025\nCEPS PLC\n (\"CEPS\" or the \"Company\")\n \nThird party loan and related party transaction \n \nOn 20 May 2021 the Company announced that it had secured a third-party loan for £2,000,000 which was repayable on or before 30 June 2022 (the \"Loan\"). On 13 December 2021 the Company announced that the Loan had been extended such that it was repayable on or before 30 June 2025. All other terms of the Loan remained the same including the annual interest rate of 7 per cent accruing daily and interest being payable in arrears on 31 March, 30 June, 30 September and 31 December.\n \nCEPS announces that the Loan has been extended for a further 12 months such that it is repayable on or before 30 June 2026. The annual interest rate has been increased to 9 per cent effective from 15 May 2025. All other terms of the Loan remain the same.\n \nCEPS' obligations in respect of the Loan have been guaranteed by Mr David Horner, a director of the Company, and the provision of the guarantee is considered to be a related party transaction under AIM Rule 13. Mr Horner is not receiving any benefit from the provision of the guarantee.\n \nThe directors of the Company who are considered independent for the purposes of the Loan, being Vivien Langford, Kevin Allen and David Johnson, having consulted with Cairn Financial Advisers LLP, the Company's Nominated Advisor, consider the guarantee of the Loan by David Horner to be fair and reasonable insofar as the Company's shareholders are concerned.\n \nThe information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the \"UK MAR\") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n \nThe Directors of the Company accept responsibility for the content of this announcement.\n \nEnquiries:\n \n\n\n\n\nCEPS PLC\nVivien Langford, Group Finance Director\n\n\n \n+44 1225 483030\n \n\n\n\n\nCairn Financial Advisers LLP\nSandy Jamieso...