Update on BioSeek Loan Notes (5956R)
November 07 2011 - 3:56AM
UK Regulatory
TIDMATD
RNS Number : 5956R
Asterand PLC
07 November 2011
7 November 2011
Asterand Plc
("Asterand" or the "Company")
Update on BioSeek Loan Notes
On 24 October 2011, the Company announced that it had received
notices of default from Silicon Valley Bank ("SVB") and from the
holders of the BioSeek loan notes and that in the case of the
latter, the Company had 120 days to remedy the situation. The
Company has now received further notice from the representative of
the holders of the BioSeek loan notes to the effect that the
conditions for the Company to avail itself of the 120 day cure
period had not been met and that the amounts owing under the
BioSeek notes are also payable on demand. The repayment rights of
the holders of the BioSeek loan notes are subject to the rights of
the Company's senior lender, SVB. The Company is in continuing
discussions with its creditors to resolve the current default.
For further information, please contact:
Asterand plc
Jack Davis, Chairman and Interim Tel: + 44 (0) 1763 211
Chief Executive Officer 600 / + 1 (313) 263-0960
Alan Fishman, Interim Chief Financial As above
Officer
Daniel Stewart & Company plc
Antony Legge Tel: +44 (0) 20 7776
David Hart 6550
Paul Shackleton
This information is provided by RNS
The company news service from the London Stock Exchange
END
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