Business
Loan Agreement and Notice of Results
Loan Agreement and Notice of Results.
About this update from Proteome Sciences Plc
[{"type":"text","content":"\n \nRNS Number : 3317T Proteome Sciences PLC 03 July 2018 \n\n 3 July 2018\n \n \n \n \n \n \nProteome Sciences plc\n(\"Proteome Sciences\" or the \"Company\") \n \nLoan Agreement and Notice of Results\n \nThe Company announces that it has entered into an unsecured £1,000,000 loan facility agreement (\"Loan Facility\") with Vulpes Lifesciences Fund (\"Vulpes\") to be used for working capital purposes,\n \nAs announced at the time of the AGM on 30 May 2018, the Company has been in discussions with a number of larger shareholders who remain supportive and will provide non-dilutive funding should it be required to facilitate the evolution of the business. The Loan Facility will provide the Company with additional working capital while it continues to invest in growing its services business. \n \nThe terms of the Loan Facility are as follows:\n· The Loan and accrued interest will be repayable on 31 December 2019 (\"Repayment Date\");\n· Interest, payable on the Repayment Date, at a rate of 2.5% per annum calculated daily above the UK sterling base rate from time to time of Barclays Bank plc being 0.5% at the date of the agreement (\"Interest Rate\");\n· The Loan Facility will rank ahead of the Non-Executive Chairman's existing loan which totalled £8.9 million at 31 December 2017 (including accrued interest). \n \nMr Martin Diggle (NED of Proteome Sciences plc) is director and partner of Vulpes Investment Management and manages the Vulpes Lifesciences Fund. Vulpes is the registered holder of 18.71% of Proteome Sciences. By virtue of Mr Diggle being a director of the Company, and a founder and director of Vulpes Investment Management, and Vulpes being a substantial Shareholder of the Company, the Loan Facility constitutes a related party transaction in accordance with the AIM Rules. Accordingly, the independent directors, being all directors excluding Mr Diggle, having consulted with the Company's nominated adviser, finnCap, consider the terms of the Loan Facility to be fair and reasonable insofar as the Company's shareholders are concerned.\nThe Company will announce its interim results for the six months ended 30 June 2018 on 24 July 2018.\n \n ...