4 December 2017
MALVERN INTERNATIONAL PLC
("Malvern" or the "Company")
New Loans
Malvern International plc (AIM: MLVN), the provider of educational services in the UK, Europe and Asia, announces that it has entered into loan agreements with its two major shareholders, KSP Investments Pte Ltd ("KSP") and CG Corp, whereby KSP and CG Corp will each loan the Company £250,000 (the "Loans"). The Loans are unsecured, accrue no interest and have no fixed repayment date
The Loans are expected to be fully drawn by the end of December with circa 60% of the proceeds being used towards funding new projects and 40% helping toward working capital requirements at SAA-GE, the acquisition the Company made in October 2017. The investment in SAA-GE is a temporary requirement as management seeks to strengthen operations and increase enrolment revenue by proceeding with various changes and initiatives. The investment towards the online projects relate to the announced English is Fun project (learning English through Games in collaboration with Oxford University Press) and another online Project Malvern is currently working on.
KSP and CG Corp are each substantial shareholders in the Company and therefore the loan agreements with them are classified as related party transactions for the purposes of AIM Rule 13. The independent directors in respect of each transaction consider, having consulted with WH Ireland Limited, the Company's nominated adviser, that the terms of the Loans are fair and reasonable insofar as the Company's shareholders are concerned.
This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations
ENDS
Contacts: |
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Malvern International plc |
www.malverninternational.com |
Haider Sithawalla Dr Sam Malafeh |
+65 64120733 +65 83860155 |
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WH Ireland Limited |
Nominated Adviser & Broker |
Mike Coe, Ed Allsopp |
+44 (0) 117 945 3470 |
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