Source - RNS
RNS Number : 3139J
Uvenco UK plc
27 June 2017
 

27 June 2017
 

Uvenco UK plc ("Uvenco UK", "the Company" or "the Group")

Loan Agreement

The Company announces that, it has today entered into a loan agreement (the "Loan Agreement") with Cleitus Investments Limited ("CIL"), a wholly‐owned subsidiary of the Uvenco Group in Russia ("Uvenco Group") whereby CIL shall provide the Company with a loan of £1,000,000 (the "Loan"). 

The Loan, which is cash-only, bears a fixed interest rate of 8% per annum on sums drawn, payable quarterly in arrears in cash, and is repayable in four equal quarterly instalments, commencing on 30 September 2019.

The Loan will be used to finance the Group's working capital requirements and the Company intends to draw down the full Loan immediately.

Inclusive of the above Loan, the total current facility provided to the Company by CIL is £1.43 million.

Related Party Transaction

CIL is a related party of the Company. CIL is a wholly‐owned subsidiary of Uvenco Group which is controlled by the Belotserkovsky family with Boris Belotserkovsky, a non‐executive director of the Company and a member of the Belotserkovsky concert party, acting as Chairman of the board. Sergei Kornienko, the Company's Chief Executive, is Chief Executive of the Uvenco Group.

The independent directors of the Company (being the directors, with the exception of Boris Belotserkovsky and Sergei Kornienko), having consulted with the Company's nominated adviser, Stockdale Securities Limited, consider that the terms of the Loan Agreement are fair and reasonable insofar as the Company's shareholders are concerned.

Audited results and Annual Report

Following the change of the Company's financial year end to 31 December, the Company expects to release and publish its audited results for the nine-month period to 31 December 2016 on 30 June 2017.

Enquiries

Uvenco UK plc                                 Tel: 020 8879 8300
Sergei Kornienko
Peter Goodman

Stockdale Securities                       Tel: 020 7601 6100

Tom Griffiths

Richard Johnson


This information is provided by RNS
The company news service from the London Stock Exchange
 
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