Reach4Entertainment Enterprises PLC Further re Consultancy Contracts (0720C)

TIDMR4E

RNS Number : 0720C

Reach4Entertainment Enterprises PLC

13 October 2015

reach4entertainment enterprises plc ( 'r4e', 'the Company' or 'the Group')

Further re Consultancy Contracts

In the Company's announcement on 18 September 2015, the Company advised that it was negotiating the terms of a continuing consultancy agreement with Glen House Capital Strategies Ltd ("Glen House"), a company wholly owned by Richard Ingham, a non-executive director of the Company. The consultancy agreement was entered into on 1 July 2015 and represented a transaction with a related party pursuant to AIM Rule 13. After subsequent review of the agreement and as the independent directors are unable to approve the agreement for AIM Rule 13 purposes, it has been agreed between the parties that this consultancy agreement be terminated.

Since 1 July 2015 three monthly payments have been made to Glen House under the consultancy agreement and it has been agreed with Glen House that these will either be repaid to the Company or off set against payments due under the earlier consultancy agreement entered into between Glen House and the Company on 1 January 2015 (referred to in the second paragraph of the announcement of 18 September 2015).

Mr Ingham continues to be a non-executive director of the Company and, in that capacity, continues to assist the Company in the restructuring of its bank debt.

Enquiries:

 
 reach4entertainment enterprises plc               +44 (0) 20 7968 
  David Stoller, Executive Chairman                 1655 
 Allenby Capital (Nominated Adviser and Broker)    +44 (0) 20 3328 
  Jeremy Porter/James Reeve                         5656 
                                                   +44 (0) 20 3151 
 Novella Communications (Financial PR)              7008 
  Tim Robertson / Ben Heath                         +44 (0) 7900 927650

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCUOOWRVOARARA

(END) Dow Jones Newswires

October 13, 2015 04:37 ET (08:37 GMT)

Pivot Entertain (LSE:PVT)
Historical Stock Chart
From Apr 2024 to May 2024