CLEA Cleardebt Grp

 

TIDMCLEA 
 
RNS Number : 4047K 
Cleardebt Group PLC 
19 April 2010 
 

ClearDebt Group plc ("ClearDebt" or the "Company") 
 
Funding update 
 
On 3 December 2009 ClearDebt announced that it had acquired from the 
administrator (Jonathan Elman Avery-Gee) part of the businesses and assets of 
four subsidiaries of Relax Group plc (in administration), namely approximately 
6,500 Individual Voluntary Arrangements, Protected Trust Deeds and Debt 
Management Plans (the "Relax Assets") for GBP2.7 million.  The Company made 
interim payments totaling GBP550,000 to the administrator in December 2009 and 
January 2010. 
 
On 12 February 2010, ClearDebt announced that it had received a loan of 
GBP500,000 (the "Loan") from Synergy Capital Limited ("Synergy").  Using the 
Loan and its own resources, the Company made a further payment of GBP1 million 
to the administrator and announced that it would be carrying out a fundraising 
exercise to repay the Loan and pay the remaining amount outstanding to the 
administrator within 2 months. 
 
The Company is pleased to announce that it has completed this exercise by way of 
the issue of up to GBP2.3 million of fixed rate secured loan notes 2013 ("Loan 
Notes") in CDG (Guernsey) Limited, a ClearDebt wholly owned subsidiary.  Synergy 
(and new investors for whom Synergy acts as Security Trustee) and David Mond, 
the Company's Chief Executive, have invested GBP1.53 million and GBP500,000 at 
par respectively into the Loan Notes. 
 
The monies raised from the issue of the Loan Notes will be used to pay the 
remaining balance due to the administrator of the Relax assets, to repay the 
Loan from Synergy and to part repay David Mond in respect of a loan made by him 
to the Company in 2007. 
 
Mr Mond commented: "We are delighted that an entrepreneurial investor like 
Synergy has demonstrated its continued commitment to the ClearDebt story and has 
completed a follow-on investment in the Company." 
The Company intends to convene a General Meeting prior to 30 June 2010 at which 
shareholders will be asked to vote, inter alia, on giving the Loan Notes 
conversion rights into ordinary shares in ClearDebt. 
 
A further announcement will be made in due course. 
 
ENDS 
 
 
For further information, please contact: 
 
 
+--------------------+--------------------+--------------------+ 
| David Mond, CEO    | ClearDebt Group    | Tel: 0161 969 2023 | 
|                    | plc                |                    | 
+--------------------+--------------------+--------------------+ 
| David Shalom, FD   | ClearDebt Group    |                    | 
|                    | plc                |                    | 
+--------------------+--------------------+--------------------+ 
|                    |                    |                    | 
+--------------------+--------------------+--------------------+ 
| John Cowie         | Seymour Pierce     | Tel: 020 7107 8000 | 
|                    | Limited            |                    | 
+--------------------+--------------------+--------------------+ 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCSFSFEUFSSEIL 
 

Grafico Azioni Cleardebt (LSE:CLEA)
Storico
Da Mag 2024 a Giu 2024

Grafico Azioni Cleardebt (LSE:CLEA)
Storico
Da Giu 2023 a Giu 2024