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Stanley Gibbons Group PLC   -  SGI   

New Loan Facility

Released 15:18 21-Dec-2018

RNS Number : 3330L
Stanley Gibbons Group PLC
21 December 2018
 

21 December 2018           

 

THE STANLEY GIBBONS GROUP PLC

(the "Company" or the "Group")

New Loan Facility

The Stanley Gibbons Group Plc today announces that Phoenix S.G. Limited ("Phoenix SG"), a wholly owned subsidiary of Phoenix UK Fund Limited and the Company's majority shareholder, has provided an additional secured loan facility of £5.0 million to the Company (the "Loan"). The Loan has been agreed on the same terms as those entered into in the Debt Facility Restatement Agreement on 19 March 2018, namely that interest will accrue at a rate of 5.0 per cent. per annum but will not be payable as to principal and interest until 20 March 2023.

The Loan will be drawn down in equal tranches of £1.0 million over the term of the Loan and will be used to provide ongoing support to deliver the Group's sustainable growth strategy.

 

Related Party Transaction

Phoenix SG is currently interested in 58.09 per cent. of the issued share capital of the Company and the provision of the Loan constitutes a transaction with a related party for the purposes of the AIM Rules. The Directors of the Company (excluding Graham Shircore who is the CEO of the Company and an appointee of Phoenix SG) consider, having consulted with finnCap Limited, that the terms of the transaction and associated documentation are fair and reasonable so far as the Company's shareholders are concerned.

 

For further information, contact:

The Stanley Gibbons Group plc

Harry Wilson

Graham Shircore

Andrew Cook 

 

+44 (0)207 836 8444

finnCap Ltd (Nomad and Broker)

Stuart Andrews / Christopher Raggett / Anthony Adams (corporate finance)

 

+44 (0)20 7220 0500





 


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New Loan Facility - RNS