24 June 2024
Investment Evolution Credit
plc
("IEC",
the "Company" or the Group)
Loan Agreement and Related
Party Transaction
Investment Evolution Credit plc
(AQSE: IEC) - 24 June 2024: IEC, a global fintech group
specialising in online consumer loans, announces that it has
entered into a £100,000 loan agreement with Sam Prasad (the "Loan
Agreement"), current CFO/COO and director of the
Company.
Pursuant to the Loan Agreement, the
Company has received £100,000 (the "Loan") which will be utilised
for operating costs and its short-term working capital
needs.
The Loan is unsecured, bears no
interest and is repayable by the Company by the following
dates:
- £40,000 on 5 July 2024;
and
- £60,000 by 30 September
2024.
Related Party Transaction
Sam Prasad is considered a "Related
Party" as defined under the AQSE Growth Market Access Rulebook as a
result of being a director of the Company. The Loan Agreement
therefore constitutes a related party transaction for the purposes
of Rule 4.6 of the AQSE Growth Market Access Rulebook (the
"Transaction").
The directors of IEC independent of
the Transaction confirm that, having exercised reasonable care,
skill and diligence, the related party transaction is fair and
reasonable insofar as the shareholders of IEC are
concerned.
About IEC
IEC is an experienced regulated
licensed lender under the corporate entity Investment Evolution
Corporation and consumer brand Mr. Amazing Loans in the United
States with state consumer lending licenses/certificates of
authority in the 6 states of California, Florida, Georgia,
Illinois, Nevada and New Jersey and an established track-record of
regulatory compliance for over 13 years. IEC plans to expand its
United States lending model to the United Kingdom market in due
course by providing £2,000 to £10,000 online personal loans with
fixed affordable repayments, subject to the
receipt of all necessary authorisations and permits.
This announcement contains inside
information for the purposes of the UK Market Abuse Regulation and
the Directors of the Company accept responsibility for the contents
of this announcement.
Enquiries:
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Investment Evolution Credit plc
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Paul Mathieson
Chairman & CEO
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iec@investmentevolution.com
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Cairn Financial Advisers LLP (IEC AQSE Corporate
Adviser)
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Ludovico Lazzaretti
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+44 (0) 20 7213 0880
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Jo Turner
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Axis Capital Markets Limited (IEC Corporate
Broker)
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Ben Tadd
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+44 (0) 20
3026 0449
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Lewis Jones
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For
more information please visit: www.investmentevolution.com/investors
Caution Regarding Forward Looking Statements
Certain statements made in this
announcement are forward-looking statements. These forward-looking
statements are not historical facts but rather are based on the
Company's current expectations, estimates, and projections about
its industry; its beliefs; and assumptions. Words such as
'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,'
'estimates,' and similar expressions are intended to identify
forward-looking statements. These statements are not a guarantee of
future performance and are subject to known and unknown risks,
uncertainties, and other factors, some of which are beyond the
Company's control, are difficult to predict, and could cause actual
results to differ materially from those expressed or forecasted in
the forward-looking statements. The Company cautions security
holders and prospective security holders not to place undue
reliance on these forward-looking statements, which reflect the
view of the Company only as of the date of this announcement. The
forward-looking statements made in this announcement relate only to
events as of the date on which the statements are made. The Company
will not undertake any obligation to release publicly any revisions
or updates to these forward-looking statements to reflect events,
circumstances, or unanticipated events occurring after the date of
this announcement except as required by law or by any appropriate
regulatory authority.