SCO Scotty Grp

TIDMSCO

RNS Number : 9752Y

Scotty Group SE

08 March 2012

8 March 2012

SCOTTY Group SE

("SCOTTY" or the "Group")

Loan Facility & Related Party Transaction

SCOTTY announces that, on 17 February 2012, it entered into a short-term loan agreement with Steirischer Technologie und Wachstumsfonds Beteiligungs AG ("STWB") providing the Group with a working capital facility of up to GBP300,000. The loan bears interest at a rate of 9 per cent. per annum and is repayable on 21 May 2012. As at 8 March 2012, the Group has drawn down the loan in full.

STWB is a company in which Dr Ernst Wustinger, Chairman of SCOTTY, owns 55 per cent. of the issued share capital. Accordingly, the loan agreement is a related party transaction as defined in the AIM Rules. The Directors of SCOTTY, other than Dr Wustinger, consider, having consulted with Cairn Financial Advisers LLP, the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as the Group's shareholders are concerned.

Enquiries:

 
 SCOTTY Group SE 
  Kurt Kerschat, CEO                    +43 316 409 426 
 Nominated Adviser 
  Cairn Financial Advisers LLP 
  Tony Rawlinson / Avi Robinson         +44 20 7148 7900 
 Broker 
  Northland Capital Partners Limited 
  Katie Shelton                         +44 20 7796 8800 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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