Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR)
23 September 2016
SyQic plc ('SyQic' or the 'Company')
Loans by a director to the Company
As previously announced the Company has for some time had a high level of outstanding debtors and the Company's management team has been working to reduce this amount, but with slow progress. The Board of SyQic believes the debtors are largely recoverable but the low frequency of payments has put pressure on the Company's working capital position.
As a consequence, since June 2014 SyQic has received a number of loans and other financial support (together the "financial support") from Jamal Hassim, the Company's CEO. The financial support provided to the Company, that has accumulated since June 2014 until the end of August 2016, is made up as follows:
Salary not drawn by Mr Hassim £195.0k
Amounts lent to the Company by Mr Hassim £302.9k
Expenses paid on behalf of the Company by Mr Hassim £114.0k
Total financial support £611.9k
All the financial support is unsecured, interest free and does not have a set repayment date. Mr Hassim is expected to continue to forego his salary for the time being and may provide additional similar financial support in the future as necessary.
In addition, the loan of MYR300,000 (being approximately £55,000) provided by Mr Hassim to the Company as per an agreement dated 12 November 2013 (and as set out in the Company's Admission Document dated 29 November 2013) remains outstanding. This loan is unsecured, interest free and does not have a set repayment date.
The provision of the financial support by Mr Hassim to the Company constitutes a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. The Board of SyQic save for Mr Hassim, having consulted with the Company's nominated adviser, Allenby Capital Limited, consider that the terms of the financial support provided by Mr Hassim are fair and reasonable insofar as the Company's shareholders are concerned.
SyQic plc Tel: 020 7933 8780
David Cotterell, Chairman of the Independent Board
Jamal Hassim, Chief Executive
Allenby Capital Limited Tel: 020 3328 5656
(Nominated Adviser & Broker)
Jeremy Porter/ John Depasquale
Walbrook Tel: 020 7933 8792
(Financial PR and IR Adviser)
This information is provided by RNS