The Chairman's Statement, issued earlier
today, which formed part of the preliminary announcement of the audited results
for the year to 31 March 2009, informed shareholders and the market that the
Company had arranged unsecured loan finance from certain existing shareholders
and others, in order to provide the additional funds required to pursue the
trialling and accreditation of its technologies.
It has accordingly been agreed with
IP2IPO Limited, a subsidiary of IP Group plc ("IP Group"), together
with Stephen M. Winston, FCA and another non-related party that they
shall grant unsecured borrowings to the Company up to the aggregate amount of
GBP 250,000. IP Group is the parent company of Techtran Limited and of the IP
Venture Fund, which have collectively within the past 12 months controlled
approximately 30.52 per cent of the issued ordinary share capital of green
chemicals. Mr. Winston is a Director and Chief Executive Officer of the
Company. The loans from IP2IPO Limited and from Mr. Winston are therefore
related party transactions within the meaning of the PLUS Rules.
The loan is undated, bears interest at a
rate of seven per cent per annum for the first six months and thereafter at
nine per cent per annum. The independent Directors of green chemicals
(Professor
Commenting on the loan agreement
Professor Lewis, said, "The independent Directors are pleased that this
loan capital has been made available through a member of a significant and
supportive shareholder group and through a Director, thereby further
underlining this shareholder's and the CEO's financial commitment to the
Company's future success."
Enquiries:
|
Stephen Winston |
Simon Hudson |
Daniel Briggs |
|
green chemicals plc |
Tavistock Communications |
Relig‹re Hichens, Harrison |
|
Tel: +44 20 7873 2190 |
Tel: +44 20 7920 3150 or +44
7966 477256 |
Tel: +44 20 7382 4450 |
This information is provided by RNS
The company news service from the London
Stock Exchange
END