Business
New loan facility
New loan facility.
About this update from Softcat Plc
[{"type":"text","content":"\n Screen Technology Group plc\n06 November 2007\n\n\n\n Screen Technology Group plc\n\n Loan and Trading Agreement with Shearline Precision Engineering Limited\n\n\n\nScreen Technology Group plc (\"Screen Technology\" or the \"Company\") announces\nthat it has entered into a Loan and Trading Agreement (the \"Agreement\") with\nShearline Precision Engineering Limited (\"Shearline\"). The agreement underpins a\nkey strategic relationship with Shearline and provides the Company with £500,000\nof working capital funding.\n\n\n\nShearline is an established strategic partner based in Ely which manufactures\niTrans tiles and modules on behalf of Screen Technology. Under the terms of the\nAgreement Shearline will provide Screen Technology with a loan of up to\n£500,000, repayable in equal instalments over 60 months, to fund the Company's\nexisting debt of £333,694 from Shearline and to fund further manufacturing and\ndevelopment costs. The loan bears interest at a variable commercial rate, can be\nrepaid without penalty at any time and is secured by way of debenture on the\nCompany's intellectual property. This security will be released on repayment of\nthe loan. Shearline have also been granted warrants over 1,000,000 Ordinary\nShares, representing approximately 2.8 per cent of the current issued share\ncapital, exercisable at a subscription price of 5p per share at any time until\nNovember 2012.\n\n\n\nPeter Smyth, non-executive Chairman said:\n\n\"We are delighted with this further strengthening of our relationship with\nShearline which also provides us with significant additional financial\nresources.\"\n\n\n\n\n\nEnquiries:\n\n\nScreen Technology Group plc 01223 559600\nThomas Jarman, CEO\n\nCharles Stanley Securities 020 7149 6000\n(Nominated Adviser)\nRussell Cook\nHenry Fitzgerald O'Connor\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n ","length":2002,"tagName":"div"}]