AEC Education plc
AEC announces that it has entered into a loan agreement with KSP Investments Pte Limited (“KSP”) for up to £500,000 (the “Loan”). The Loan is unsecured, accrues no interest and has no fixed repayment date. The Loan has been provided on the basis it will be repaid as soon as possible out of the future profits of the business.
The Loan will be used to fund working capital and to support the plans of subsidiary companies to return to profitability and sustainable growth.
KSP has a beneficial interest of 17.50% of the current issued share capital of the Company and is consequently a Related Party of AEC for the purpose of AIM Rule 13. The Independent Directors of AEC (which excludes Haider Sithawalla and Gopinath Pillai) consider, having consulted with WH Ireland Limited, the Company’s nominated adviser, that the terms of the Loan with KSP are fair and reasonable insofar as the Company’s shareholders are concerned.
For further information contact:
AEC Education plc Liam Swords, Chairman +44 (0) 7725 836811 WH Ireland Limited (NOMAD & Broker) +44 (0)117 945 3470 Mike Coe, Liam Gribben