DJ Ashley House PLC Replacement Debt Facility from Related Party
RNS Number : 1356R
Ashley House PLC
07 December 2016
Ashley House plc
Replacement Debt Facility
from Related Party
Ashley House plc ("Ashley House" or the "Company"), the health and community care property partner, is pleased to advise that it has signed a loan facility to refinance the existing development finance loan which is currently held with Novus Lending Limited, a company administered by Rockpool Investments Limited (the "Rockpool Loan").
The Rockpool Loan has been repaid in full and a new loan facility of GBP1,500,000 is being provided to the Company by a privately owned company, Invescare Limited which is part owned by the Company's Non-executive Deputy Chairman Stephen Minion (the "Invescare Facility"). The Invescare Facility is available until June 2018 and is secured against individual assets of the Company and those of its subsidiaries.
Accordingly, the Invescare Facility is a Related Party Transaction pursuant to AIM Rule 13. Ashley House confirms that its directors, acting without Stephen Minion's participation and having consulted with the Company's Nominated Adviser, consider that the terms of the transaction are fair and reasonable in so far as the Company's shareholders are concerned.
Ashley House plc 01628 600 340
WH Ireland Ltd 0207 220 1666
(Nominated Adviser and broker to Ashley House plc)
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(END) Dow Jones Newswires
December 07, 2016 02:00 ET (07:00 GMT)