Business
IHC Secures Additional Fundin
IHC Secures Additional Fundin.
About this update from Inspiration Healthcare Group Plc
[{"type":"text","content":"\n RNS Number : 4866L India Hospitality Corp. 06 May 2010 \n \n\n6 May 2010\n \nIndia Hospitality Corp.\n \nIHC Secures Additional Funding\n \nIndia Hospitality Corp. (\"IHC\" or \"the Company\") announces that its subsidiary, Sky Gourmet Catering Private Ltd (\"SkyGourmet\"), has entered into a secured loan agreement with the Punjab National Bank (\"PNB\") for INR 250million (approx USD 5.60 million) (the \"Loan\"). The Loan will mature in 9 months following the initial drawdown date (\"Maturity Date\"), is repayable in three equal instalments payable at the end of the seventh, eighth and ninth month from the date of drawdown and will bear interest at the Base Prime Lending Rate plus 1% per annum, payable monthly. The proceeds of the Loan will be used to fund the working capital requirements of SkyGourmet. It is anticipated that the initial drawdown will commence in May 2010.\n \nUnder the terms and conditions of the Loan PNB has required that Mr. Ravi Deol and Mr. Sandeep Vyas, Directors of IHC, provide personal guarantees of the Loan to PNB.\n \nThe Company announced on 26 June 2009 that it had agreed to issue to Mr. Deol and Mr. Vyas 1,873,000 and 936,500 Ordinary Shares respectively at par value. It also announced that it had agreed to issue to Mr Deol and Mr Vyas up to a further 1,873,000 and 936,500 Ordinary Shares respectively at par value, subject to meeting certain share price targets as described below (the \"Conditional Shares\").\n \n\n\n\n\n \n\n\nNumber of shares to be issued\n\n\n\n\nCondition (the \"Conditions\")\n\n\nRavi Deol\n\n\nSandeep Vyas\n\n\n\n\nthat the Ordinary Shares trade at no lower than $5.00/share for twenty (20) consecutive trading days\n\n\n936,500\n\n\n468,250\n\n\n\n\nthat the Ordinary Shares trade at no lower than $6.50/share for twenty (20) consecutive trading days\n\n\n468,250\n\n\n234,125\n\n\n\n\nthat the Ordinary Shares trade at no lower than $8.50/share for twenty (20) consecutive trading days\n\n\n468,250\n\n\n234,125\n\n\n\n\n \nThese shares were subject to certain transfer restrictions pursuant to share grant agreements (\"Share Grant Agreements\") and lock up agreements (\"Lock up Agreements\") entered into between the Company and Mr. Deol and Mr. Vyas respectively.\n \nIn order for Mr Deol and Mr Vyas to provide the pe...