Resources In Insurance Group PLC Related Party Loan (6029P)
03 Ottobre 2013 - 8:00AM
UK Regulatory
TIDMRIIG
RNS Number : 6029P
Resources In Insurance Group PLC
03 October 2013
3 October 2013
RESOURCES IN INSURANCE GROUP PLC
("RiIG", the "Group" or the "Company")
Related Party Loan
Following the recent announcement of the Company's Final Results
for the 15 month period ended 31 March 2013, and the subsequent
signing of a 3 year contract for the Absolute Professional Talent
(APT) division to provide recruitment and placement services to a
leading Professional Insurance Services organisation, Resources in
Insurance Group plc (RiIG), a leading provider of Claims Management
and Consultancy Solutions to the UK Insurance Profession, today
announces that it has secured a further related party loan.
In order to support the continued improvement in trading, which
is primarily as a result of new business won, the Board has secured
additional working capital via the provision of loan capital of
GBP100,000 from a significant shareholder, Bob Morton via Hawk
Investment Holdings Limited. The interest rate payable on the loan
is 1 per cent. per month, payable monthly. The loan is repayable in
full in October 2014. As Hawk Investment Holdings Limited is
connected to Bob Morton, a substantial shareholder, the loan is
considered to be a related party transaction pursuant to Rule 13 of
the AIM Rules for Companies. The Company's directors, having
consulted with the Company's nominated adviser, Zeus Capital,
consider that the terms of the loan are fair and reasonable insofar
as the Company's shareholders are concerned.
In recent months, the Directors have taken the view that to
issue new shares to procure additional working capital would not be
in the best interests of shareholders, given the low share price.
Additional working capital has therefore been sourced via the
provision of loan capital. Executive Chairman, John French, through
Spread Trustee Company Limited on behalf of The French Settlement,
has to date provided total loan capital of GBP251,500. Hawk
Investment Holdings Limited, connected to Bob Morton, has now
provided total loan capital of GBP385,000.
Commenting, Executive Chairman, John French said: "We are
pleased at the positive progress being made in terms of recovery as
a result of new business wins, and these are beginning to impact on
the performance of the Group. As a result of these wins, we believe
that there are opportunities in some areas of our business for both
margin enhancement and cost savings, mainly due to economies of
scale. I hope to be able to comment further at the forthcoming AGM
scheduled for the 28th of October."
For further information:
Resources in Insurance Group plc
John French, Executive Chairman
www.riig.co.uk
Nominated Adviser/Joint Broker +44 (0) 7836 722 482
Zeus Capital Limited
Ross Andrews/Andrew Jones +44 (0) 161 831 1512
Joint Broker
Peterhouse Capital Finance Limited
Jon Levinson +44 (0) 20 7469 0935
Financial PR
Yellow Jersey PR Limited
Dominic Barretto +44 (0) 7768 537 739
This information is provided by RNS
The company news service from the London Stock Exchange
END
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