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Verdes Management PLC  -  REAT   

Newick Convertible Loan Agreement - Update

Released 07:00 24-Dec-2013

RNS Number : 2885W
Verdes Management PLC
24 December 2013

24 December 2013

Embargoed for 700 a.m.

Verdes Management PLC

Newick Convertible Loan Agreement - Update



24 December 2013


Verdes Management PLC


 Newick Convertible Loan Agreement - update


("Verdes" or the "Company")


On 16 December 2013 the Company announced an amendment to the £500,000 convertible loan agreement ("Amended Agreement") with Newick Developments Limited ("Newick") in which the Company has a facility to draw £500,000 in Convertible Loan Notes from Newick (the "Loan").


The Amended Agreement contains a term that the first tranche of the Loan of £125,000 was to have been received by the Company on Friday 20 December 2013. As at this point the funds, whilst requested by the Company, have not been received.


The Company has been advised by  Newick that the funds have been transmitted by its bank and are currently in the banking system, pending receipt by Verdes' bank..


The Company will make a further announcement once these funds have been received.


For further information, please contact:


Verdes Management PLC


Sarah Bertolotti - Finance Director                                                                         07932 569404


SPARK Advisory Partners Limited


Neil Baldwin                                                                                                         0113 370 8974


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Newick Convertible Loan Agreement - Update - RNS