GBP55,000 Secured Loans from Directors


 

TIDMHML 
 
RNS Number : 4533Q 
Henderson Morley PLC 
03 August 2010 
 

                                                                   3 August 2010 
                              HENDERSON MORLEY PLC 
                      ("Henderson Morley" or the "Company") 
                                   (AIM: HML) 
                    GBP55,000 SECURED LOANS FROM DIRECTORS 
Henderson Morley plc, the Aim quoted biotechnology company, announces that it 
has today agreed terms to secure GBP27,500 and GBP27,500 respectively of secured 
loans ("Loan(s)") from Andrew Knight and Ian Pardoe, Executive Directors of the 
Company ( the "Lenders"). 
 
Reason for the Loans 
 
As previously announced, the Company is (and  remains) in discussion with Mr 
Knight, Dr Pardoe and other parties to raise further funds ("Funding")  to 
enable the Company to meet  operational expenses up until the point at which the 
Board expects the disposal ("Disposal") of the intellectual property in relation 
to the Company's ICVT human portfolio to takes place . 
 
A form of Funding currently under discussion may involve the issue of 
convertible loan notes and warrants to subscribers. No firm agreement has yet 
been reached and   the final form of Funding, if concluded, may not take this 
form. The quantum of the Funding sought will depend upon the Board's expectation 
of the point at which the Disposal is expected to occur. 
 
Given the Company's  cash position, Loans totalling GBP55,000 have been put in 
place to allow the Company time to finalise further Funding arrangements. 
 
Principal terms of Loans 
 
The principal terms of the Loans are as follows: 
 
Amount : Initial Loan of GBP55,000, with an agreement in place to advance more 
funds to the Company from the Lenders, as agreed between the parties, and  under 
the same terms and conditions 
 Term : 12 months, but repayable on demand. 
Security : secured by way of a first ranking debenture over the assets, 
property, goodwill, uncalled capital of the Company and its subsidiaries, and a 
cross guarantee to be entered into by the Company and its subsidiaries; 
Coupon : 8 per cent. over base rate per annum, payable  monthly in arrears; 
increasing to 12 per cent over base rate if any interest payment is missed; 
Arrangement Fee : GBP5,000. 
As Mr Knight and Dr Pardoe are classed as "related parties" under the AIM Rules 
for Companies, their participation in this transaction falls to be treated as a 
related party transaction under AIM Rule 13. As such, Chris Pate and Professor 
Michael Fowler, the independent directors on the Company's Board, having 
consulted with the Company's nominated adviser, believe that the terms of this 
transaction are fair and reasonable insofar as shareholders are concerned. 
KMS Therapeutics ("KMS") 
The Company expects to update shareholders and the market on the status of 
negotiations with KMS by no later than close of business on Thursday 4 August. 
                                      -END- 
 Enquires: 
HENDERSON MORLEY PLC 
Andrew Knight, Chairman 
                                 0121 442 4600 
 Chris Pate, Independent 
Director                                                0121 444 5309 
BREWIN DOLPHIN CORPORATE ADVISORY & BROKING 
 Neil Baldwin 
                                                         0845 213 4726 
BISHOPSGATE COMMUNICATIONS LTD 
Maxine Barnes 
                                        0207 562 3350 
 Gemma O'Hara 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 STRBXGDISGGBGGX

Henderson Mrly. (LSE:HML)
過去株価チャート
から 5 2024 まで 6 2024