Business
AIM Rule Update - Historic Disclosures
AIM Rule Update - Historic Disclosures.
About this update from Kcr Residential Reit Plc
[{"type":"text","content":"\n \n \n KCR Residential REIT plc\n \n \n \n \n \n \n \n \n (\"KCR\" or the \"Company\")\n \n \n \n \n \n \n \n \n AIM Rule Update - Historic Disclosures and Related Party Transactions\n \n \n \n \n \n \n \n \n As part of Cairn Financial Advisers LLP's ongoing onboarding due diligence, KCR notifies the following update. All information is as at the date of this announcement.\n \n \n \n \n \n In relation to directors' disclosures for Dominic White, a non-executive director of the Company, pursuant to AIM Rule 17 and Schedule 2 Paragraph (g) of the AIM Rules for Companies, Mr White was a director of Ovio Wellness Limited, a health drinks company, which was dissolved in\n February 2019 following the company being placed into creditors' voluntary liquidation in August 2017.\n \n \n \n \n \n In\n addition, the Company announces the following historic related party transactions (\"Transactions\") which were not notified pursuant to AIM Rule 13 at the time:\n \n \n \n \n \n 1. On 10 July 2017 the Company issued convertible loan notes to the White Amba Pension Scheme of £25,000. The convertible loan notes attracted interest at a rate of 6 per cent per annum, payable quarterly. The principal loan was repaid on 22 August 2019. The repayment consisted of £25,000 of Ordinary Shares at a price of 45p per Ordinary Share.\n \n \n \n \n \n 2. On 29 June 2018, the Company entered into a loan agreement (the \"Loan Agreement\") arranged by DGS Capital Partners LLP, a limited liability partnership in which Michael Davies was a member, with certain investors including Tim Oakley, who was at the time a director of a subsidiary of the Company, and who loaned £235,000 under the terms of the Loan Agreement. The overall loan was for £1,475,000 and was subject to an interest rate of 12 per cent per annum; the loan was to be repaid within 300 days of the initial drawdown date of 29 June 2018 and was extended during the financial year (the \"Loan Agreement Extension\"). The Loan Agreement was further extended by way of a deed of extension dated 12 July 2019 (the \"Loan Agreement Second Extension\") pursuant to which the interest rate was increased to 14% from 25 April 2019, and the date for repayment was extended to 22 August 2019. The loan and outstanding interest were repaid on 22 August 2019. The repa...