InnovaDerma PLC Loan Agreement (7778L)
15 Enero 2021 - 1:00AM
UK Regulatory
TIDMIDP
RNS Number : 7778L
InnovaDerma PLC
15 January 2021
InnovaDerma PLC
("InnovaDerma" or the "Company")
Loan Agreement
InnovaDerma (LSE: IDP), a UK developer of beauty, personal care
and life sciences products announces that further to the
announcement on 11 January 2021, it has entered into a loan
agreement (the "Loan Agreement") to provide the Company with a
working capital loan facility of GBP500,000 with M.Ward, a
Non-executive Director of the Company and substantial
shareholder.
Under the Loan Agreement, the loan attracts interest at 5 per
cent. above LIBOR and is repayable on 13 July 2021. M.Ward can
require the loan to be repaid early in the event that the Company
raises in excess of GBP2m through debt or equity issuance. In the
event that the loan is repaid early M.Ward intends to invest the
principle in any associated equity issue. The Company has given, as
security, a debenture over all the assets of InnovaDerma plc and
provided the normal representations and warranties for this type of
agreement
Given M.Ward's position as a director of the Company and
substantial shareholder, the Loan Agreement is deemed a related
party transaction as defined under DTR 7.3. The independent
directors comprising Ross Andrews, Blake Hughes and Simon Pyper
consider the terms of the Loan Agreement fair and reasonable
insofar as the Company's shareholders are concerned.
This announcement contains inside for the purposes of Article 7
of EU Regulation 596/2014.
Further enquiries
InnovaDerma
Blake Hughes c/o TB Cardew
finnCap Ltd
Geoff Nash/Kate Bannatyne +44 (0)207 220 0500
Alice Lane - Corporate Broking www.finncap.com
----------------------------
TB Cardew
Shan Shan Willenbrock/ + 44 (0)7775 848537
Olivia Rosser + 44 (0)20 7930 0777
innovaDerma@tbcardew.com
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END
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January 15, 2021 02:00 ET (07:00 GMT)
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