New Loan Facility (4042J)
June 30 2011 - 2:00AM
UK Regulatory
TIDMMDY
RNS Number : 4042J
MDY Healthcare PLC
30 June 2011
30 June 2011
MDY Healthcare plc
Loan facility
Related party transaction
MDY Healthcare plc ("MDY Healthcare" or the "Company"), the
strategic investor in healthcare companies, today announces that on
29 June 2011 it entered into a GBP150,000 revolving credit facility
with Bronsstadet AB. The facility will strengthen the Company's
liquid resources.
The revolving credit facility is constituted by an unsecured
facilities agreement (the "Agreement"). The Company may, at its
election, request an advance under the Agreement (an "Advance") at
any time on notice and interest will accrue on the principal amount
of each Advance at the rate of 8% per annum. Such interest will be
payable no later than the termination of the Agreement. The
Agreement terminates on 26 June 2012 when all Advances fall due for
repayment. The Advances, and interest accrued, may become repayable
earlier in the event of divestment by the Company of certain of its
investments.
The Agreement constitutes a transaction with a related party for
purposes of rule 13 of the AIM Rules for Companies (the "AIM
Rules") by virtue of the fact that Bronsstadet is an existing
substantial shareholder of the Company (owning 4,985,683 ordinary
shares representing approximately 29.2% of MDY Healthcare's issued
ordinary share capital). In accordance with the AIM Rules, the
Directors, having consulted with the Company's Nominated Adviser,
Zeus Capital Limited, consider that the terms of the Agreement are
fair and reasonable insofar as the Company's shareholders are
concerned.
For further information, please contact:
MDY Healthcare plc
Grahame Cook, Chairman +44 (0) 207 647 1800
Zeus Capital Limited (Nomad)
Ross Andrews, Andrew Jones +44 (0) 161 831 1512
Notes for editors:
About MDY Healthcare
MDY Healthcare plc is a sector specialised strategic investing
company quoted on AIM (ticker symbol: MDY). The company seeks to
achieve superior returns for shareholders by investing globally in
companies, both public and private, across the healthcare sector.
The directors have significant operational and investment
experience in the sector.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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