DCI Advisors Limited Further Shareholder Loan and RPT
March 14 2024 - 10:57AM
RNS Regulatory News
RNS Number : 9288G
DCI Advisors Limited
14 March 2024
DCI Advisors
Ltd
(the
"Company" or "DCI")
Further Shareholder Loan and
Related Party Transaction
14
March 2024
The Board of the Company has entered
into another loan agreement for €100,000 with a DCI shareholder to
provide additional working capital to the Company (the "Shareholder
Loan"). The shareholder providing this loan has previously entered
into a loan agreement with the Company for €350,000 in April 2023.
To date, the Company has received eight loans of €350,000 each and
two loans from funds managed by a single shareholder amounting to
US$330,000 in aggregate. The first six loans made up to September
2023 have identical terms to one another (other than their date of
initiation and currency of denomination) and are for a 12-month
term bearing an interest rate of 12 per cent. p.a., with no fees
payable on disbursement or repayment. Shareholder Loans made after
September 2023 have identical terms with the previous loans, except
that there is no right of prepayment by the Company and they will
therefore last 12 months. The Company's intention is to repay all
outstanding Shareholder Loans from the proceeds of the sale of
Company assets. When combined with the Shareholder Loans announced
previously, all of the Shareholder Loans received to date are now
expected to total up to €3.2 million in aggregate.
Related Party Transaction
The new Shareholder Loan agreement
has been entered into with Lars Bader who controls 10.27% of the
issued share capital of the Company. Accordingly, the entering into
of the Shareholder Loan agreement with him is deemed to be a
related party transaction pursuant to AIM Rule 13 of the AIM Rule
for Companies. The Company's directors consider, having consulted
with the Company's Nominated Adviser, Cavendish Capital Markets
Limited, that the terms of the Lars Bader Shareholder Loan
agreement are fair and reasonable insofar as the shareholders are
concerned.
As previously announced, collateral
in the form of security over certain Company assets will be put in
place using normal commercial terms which will exceed the aggregate
value of each of the loans. In addition, the Board has agreed that
the Company will guarantee the repayment of the latest loan and all
Shareholder Loans received to date. A further announcement will be
made once the Company has entered into the new security
agreements.
Enquiries
DCI
Advisors Ltd
Nicolai Huls / Nick Paris, Managing
Directors
|
nickparis@btinternet.com
+44 (0) 7738 470550
|
Cavendish Capital Markets (Nominated Adviser &
Broker)
James King / Jonny Franklin-Adams /
Edward Whiley / Oscar Valeur-Adu (Corporate Finance)
Pauline Tribe (Sales)
|
+44 (0) 20 7220 0500
|
FIM
Capital Limited (Administrator)
Lesley Lennon / Grainne Devlin
(Corporate Governance)
|
llennon@fim.co.im
/ gdevlin@fim.co.im
|
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