- Title:
Extension Of Loan - Time:
15:45:02 - Date:
26 Jul 2021 - Category:
Miscellaneous - ID:
5015G
26 July 2021
The Parkmead Group plc
("Parkmead" or "the Company")
Extension of Loan
The Parkmead Group plc is pleased to announce a 24-month extension to the interest-bearing loan to Energy Management Associates Limited ("EMAL") of £2.9 million (the "Loan") ahead of the expiry of the loan on 27 July 2021. By providing this facility, Parkmead benefits from an exclusive arrangement to join EMAL in new ventures being evaluated by the Company, including inter alia potential opportunities relating to renewable energies. The Loan will continue to bear a fixed interest rate of 2.5 per cent per annum, payable to Parkmead. The entry by the Company into the Loan extension with EMAL, in which Tom Cross is a director and shareholder, is a related party transaction for the purposes of Rule 13 of the AIM Rules. The Directors (other than Tom Cross), having consulted with FinnCap, consider that such arrangements with EMAL are fair and reasonable insofar as the Company's shareholders are concerned.
Enquiries:
| The Parkmead Group plc |
+44 (0) 1224 622200 |
| Ryan Stroulger (Chief Financial Officer)
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| finnCap Ltd (NOMAD and Broker to Parkmead) |
+44 (0) 20 7220 0500 |
| Marc Milmo / Seamus Fricker - Corporate Finance |
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| Andrew Burdis / Barney Hayward - ECM |
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Extension Of Loan15:45:0226 Jul 2021Miscellaneous5015G