Reconstruction Capital II Ltd Loans to Telecredit IFN S.A. (2059Y)
May 11 2021 - 3:42AM
UK Regulatory
TIDMRC2
RNS Number : 2059Y
Reconstruction Capital II Ltd
11 May 2021
11 May 2021
Reconstruction Capital II Limited
Loans to Telecredit IFN S.A.
Reconstruction Capital II Limited (the "Company") announces that
the following parties entered into agreements to provide a total of
EUR1.65m in unsecured loans to Telecredit IFN S.A. ("Telecredit"):
Portadrix Investments Limited (a company wholly beneficially-owned
by Ion Florescu, a significant shareholder in the Company)
EUR960,000; Mihai Radoi (a director of the Company) EUR140,000; and
Cornelia Oancea (CEO of New Europe Capital SRL and a director of
Telecredit) EUR200,000 (the "Connected Loans"), in addition to
EUR350,000 from two unconnected persons (together the "Loans").
EUR1.55m of the Loans mature in May 2022, whilst one of the
loans from an unconnected person amounting to EUR0.1m matures in
February 2022. The Loans carry an annual interest rate of 9.75% in
addition to a 0.25% arrangement fee and were granted to support the
working capital requirements of Telecredit related to its SMEs
factoring and discounting operations.
The Connected Loans constitute a related party transaction
pursuant to Rule 13 of the AIM Rules for Companies. Paolo Bassetti,
the sole non conflicted director of the Company (Zoran Melovski
being a director of Portadrix Investments Limited, the majority
shareholder of New Europe Capital SRL), having consulted with the
Company's nominated adviser, Grant Thornton UK LLP, considers that
the terms of the Connected Loans are fair and reasonable insofar as
the Company's shareholders are concerned.
For further information, please contact:
Reconstruction Capital II Limited
Cornelia Oancea / Anca Moraru
Tel: +40 21 3167680
Grant Thornton UK LLP (Nominated Adviser)
Philip Secrett
Tel: +44 (0) 20 7383 5100
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