Loan agreements


 

TIDMINVU 
 
RNS Number : 7317F 
Invu plc 
18 January 2010 
 

 
 
 
 
18 January 2010 
 
Invu plc 
 
 
Loan agreements 
 
 
Invu plc (LSE, AIM: INVU) ('the Company') announces that Tyne & Wear Holdings 
Limited ('Tyne & Wear') and Magpie Investments Limited ('Magpie') have agreed 
new Loan agreements in full settlement of their existing Loans to the Company. 
These loans are unsecured, carry an interest rate of 12.5 percent per annum and 
are repayable on 1 May 2010. Additionally Cynthia Goldman has agreed to offer an 
unsecured loan to the Company of GBP500,000 repayable on 1 May 2010 carrying an 
interest rate of 12.5 percent per annum. 
 
 
Tyne & Wear had entered into the three previous loan agreements with the Company 
which are fully satisfied by this new loan. On 22 May 2009 Tyne & Wear entered 
into a GBP500,000 loan facility with interest due quarterly in arrears. On 21 
October 2009 Tyne & Wear entered into a GBP400,000 loan facility repayable with 
interest on 18 January 2010. On 18 November 2009 Tyne & Wear entered into a 
GBP100,000 loan facility repayable with interest on 18 January 2010. Under the 
new Loan agreement Tyne & Wear will loan the Company GBP1,049,117 in full 
settlement of the amounts due under the above Loans. 
 
 
On 18 November 2009 Magpie entered into a GBP500,000 loan facility repayable 
with interest on 18 January 2010. Under the new Loan agreement Magpie will loan 
the Company GBP510,445 in full settlement of the amount due under the loan of 18 
November. 
 
 
Goldman Investments, a company whose majority shareholder is Daniel Goldman the 
Chairman of the Company, provides investment advice to both Tyne & Wear and 
Magpie. Cynthia Goldman is Daniel Goldman's mother. Therefore given the 
potential conflict of interest arising from these relationships, Mr. Goldman has 
not participated in the negotiation or approval by the directors of these 
Facilities. 
 
 
Tyne & Wear and Cynthia Goldman are both substantial shareholders of the Company 
for the purposes of the AIM Rules for Companies ('AIM Rules') and, as such, are 
related parties of the Company. 
 
 
The entering into of the Facilities with Tyne & Wear and Cynthia Goldman are 
classified as transactions with related parties for the purposes of the AIM 
Rules. In accordance with the AIM Rules, the directors of the Company, with the 
exclusion of Daniel Goldman, having consulted with the Company's nominated 
adviser, Canaccord Adams, consider that the terms of the transaction are fair 
and reasonable insofar as the Company's shareholders are concerned. 
 
 
-ends- 
 
 
+---------------------------------+---------------------------------+ 
|  Invu plc                       | 020 7665 8900                   | 
+---------------------------------+---------------------------------+ 
| Daniel Goldman, Non Executive Chairman                            | 
+-------------------------------------------------------------------+ 
| Colin Gallick, CEO                                                | 
+-------------------------------------------------------------------+ 
| Ian Smith, CFO                                                    | 
|                                                                   | 
+-------------------------------------------------------------------+ 
| Canaccord Adams                 | 020 7050 6500                   | 
+---------------------------------+---------------------------------+ 
| Simon Bridges                                                     | 
|                                                                   | 
+-------------------------------------------------------------------+ 
| Financial Dynamics              | 020 7831 3113                   | 
+---------------------------------+---------------------------------+ 
| Juliet Clarke / Haya Herbert-Burns / Emma Appleton                | 
+---------------------------------+---------------------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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