GAI Galileo Inn.

RNS Number:1619Y
Galileo Innovation PLC
3 July 2002



              Galileo Innovation plc ("Galileo" or "the Company")


Galileo announces today that it has put in place a cash deposit of £700,000 with
Barclays Bank plc ("Barclays") to guarantee the overdraft facility that
Sense-Sonic Limited ("Sense-Sonic") has with Barclays.


In consideration for guaranteeing the Sense-Sonic overdraft, the Company has
received the following:


•        a transfer from Paul Davidson of 5 per cent. of the entire issued share
capital of Sense-Sonic for nil consideration;

•        a warrant over 3 per cent. of Sense-Sonic's current issued share
capital;

•        a consultancy agreement for the provision of management services to
Sense-Sonic; and

•        a fixed and floating charge over the assets of Sense-Sonic.



In addition, Sir Anthony Jolliffe, a non executive director of the Company, has
been appointed to the board of Sense-Sonic.


Paul Davidson, a director of Galileo and a substantial shareholder of the
Company, is also a substantial shareholder of Sense-Sonic. In addition, Robert
Long and Mark Warbuton, (directors of the Company), and Angus Monro and Martin
Varley (past directors of the Company), each own approximately 4 per cent. of
the issued share capital of Sense-Sonic. Under the AIM Rules, the transaction is
deemed to be a related party transaction.



The directors of the Company consider, having consulted with its nominated
adviser, that the terms of the transaction are fair and reasonable insofar as
the Company's shareholders are concerned.



Contact:

Sir Anthony Jolliffe    Tel:   01625 538 100


Dated: 3 July 2002



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

Galileo Inn. (LSE:GAI)
Historical Stock Chart
From May 2024 to Jun 2024

Galileo Inn. (LSE:GAI)
Historical Stock Chart
From Jun 2023 to Jun 2024