Reconstruction Capital II Ltd Loan Facility (3777V)
06 Agosto 2020 - 12:00PM
UK Regulatory
TIDMRC2
RNS Number : 3777V
Reconstruction Capital II Ltd
06 August 2020
06 August 2020
Reconstruction Capital II Limited
Loan Facility
Reconstruction Capital II Limited (the "Company") announces that
it has entered into a EUR1 million unsecured loan facility with
Portadrix Investments Limited ("Portadrix") (the "Facility").
Portadrix is beneficially owned by Ion Florescu, a substantial
shareholder in the Company.
The Facility is necessary to support the working capital
requirements of the Company following a delay in the repayment of
EUR1.5 million of loans due from two of its subsidiaries, Mamaia
Resort Hotels SRL and Telecredit IFN S.A., due to these companies
not being able to access loans from third-parties which were being
arranged when the COVID-19 pandemic struck.
The Facility will carry an interest rate of 5% on all amounts
drawn down by the Company, and a loan term of sixteen months. The
Company will also pay an arrangement fee to Portadrix of 1% of the
total value of the Facility. The Company can draw down under the
Facility at any time and is repayable by the Company at the end of
the loan term.
By virtue of the direct and indirect shareholdings held by Ion
Florescu in the Company and Portadrix the Facility constitutes a
related party transaction pursuant to Rule 13 of the AIM Rules for
Companies. The directors of the Company (other than Zoran Melovski
who is also a director of Portadrix Limited), having consulted with
the Company's nominated adviser, Grant Thornton UK LLP, consider
that the terms of the Facility are fair and reasonable insofar as
the Company's shareholders are concerned.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
For further information, please contact:
Reconstruction Capital II Limited
Cornelia Oancea/Anca Moraru
Tel: +40 21 3167680
Grant Thornton UK LLP (Nominated Adviser)
Philip Secrett
Tel: +44 (0) 20 7383 5100
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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