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DJ WMC Retail Partners Plc Directors' loans

 
TIDMWELL 
 
WMC Retail Partners Plc 
 
                                ("the Company") 
 
                               Directors' loans 
 
11 August 2016 
 
The Company provides the following update on its business. 
 
Overall performance has been in line with internal expectations.  The Company 
expects to make a small loss for the first half of 2016, lower than in the 
first half of the previous year.  The Company has also made progress with its 
proposals to develop Cornish Market World ("CMW"). 
 
In its financial statements for the year ended 31 December 2015, the Chairman, 
Lord Lee, stated that considerable progress has been made at CMW where, 
although it was still loss-making, reconfiguration had resulted in an improved 
performance, and Kidzworld had yet again achieved record numbers of visitors. 
Lord Lee also stated that negotiations were continuing with CMW's landlord, the 
Council and a range of prospective new tenants to deliver a more profitable and 
certain future for the Company in Cornwall. 
 
WMC Retail Partners plc is pleased to announce that it has agreed in principle 
a funding package amounting to circa GBP1.8 million and revised terms for the 
lease of CMW. While these agreements are being finalised, the Company has 
arranged some short term funding to be provided by Michael Chadwick, 
non-executive director of the Company and from Simons & Co Limited, a company 
of which Sarah Hewett (a non executive director of the Company) is a director. 
The Company has therefore entered into a loan agreement under which it has 
drawn down the sum of GBP200,000 from Michael Chadwick and GBP100,000 from Simons & 
Co Limited. The funds raised will be used to provide additional working capital 
for the Company as it proceeds to finalise the CMW funding package. 
 
The loans are unsecured and carry no interest, provided they are repaid by 30 
November 2016. Any loan outstanding after that date will carry interest at 5 
per cent per calendar month. Simons & Co Limited has already loaned the sum of 
GBP100,000 to the Company. 
 
It is the Company's intention to repay all loans from Michael Chadwick and 
Simons & Co Limited, amounting to GBP400,000, before that date and, to this end, 
is in the process of negotiating longer term convertible loans with Michael 
Chadwick and Simons & Co Limited. These agreements will require the consent of 
shareholders and a notice of general meeting will be posted to shareholders as 
soon as the terms of the new loan agreements have been agreed. 
 
For further information please contact: 
 
WMC Retail Partners Plc 
 
Malcom Ball, Chief Executive                                        Tel: +44 
(0)1952 242019 
 
Grant Thornton UK LLP (Corporate Adviser) 
 
Colin Aaronson/Harrison Clarke/Daniel Bush                  Tel: +44 (0)207 383 
5100 
 
The directors of the issuer (WMC Retail Partners Plc) accept responsibility for 
this statement 
 
 
 
END 
 

(END) Dow Jones Newswires

August 11, 2016 05:09 ET (09:09 GMT)