Business
Loan Agmnt & Issue of Options
Loan Agmnt & Issue of Options.
About this update from Frenkel Topping Group Plc
[{"type":"text","content":"\n Frenkel Topping Group PLC\n10 May 2007\n\n\n\n\n\n Frenkel Topping Group plc\n\n ('Frenkel Topping' or the 'Company')\n\n\n\n Loan Agreement and Issue of Options\n\n\n\nThe Board of Frenkel Topping are pleased to announce that the Company has\nentered into a loan agreement with MBC Investments Limited ('MBC') pursuant to\nwhich MBC has agreed to provide a loan facility of £500,000 to the Company (the\n'Loan').\n\n\n\nThe Loan will only be provided, as set out in the Loan agreement 'to satisfy\nFrenkel Topping's strategic developments'. The Loan can be drawn down in several\nstages on application by Frenkel Topping to MBC and if MBC accept that the\nintended use is for strategic development.\n\n\n\nInterest accrues on the amount drawn down under the Loan at a rate of 7% per\nannum on a daily basis and any interest accrued is paid quarterly.\n\n\n\nAt the time of the announcement, the Company had not drawn down any of the Loan.\n\n\n\nIn consideration of MBC providing the loan facility the Company has also issued\noptions to MBC in respect of 10,000,000 new ordinary shares in the Company at an\nexercise price of 5p per share (the 'Options'). The Options can be exercised at\nany time until 4th May 2010 provided that the aggregate value of the Options\nsubscribed for by MBC does not exceed the total of all sums drawn down by\nFrenkel Topping under the Loan agreement. At present, as none of the Loan has\nbeen drawn down, MBC have no rights to exercise any Options.\n\n\n\nMBC Investments Limited is a Gibraltar based investment company operating in the\nfinancial services sector.\n\n\n\nFor further information, please contact:\n\n\nFrenkel Topping Group plc\nRichard Fraser (Chief Executive) 0161 886 8000\n\n\nWH Ireland Limited\nDavid Youngman 0161 832 2174\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":2058,"tagName":"div"}]