Caledonian Trust PLC Repayment of loan facilities (0907B)
08 Junio 2021 - 1:00AM
UK Regulatory
TIDMCNN
RNS Number : 0907B
Caledonian Trust PLC
08 June 2021
8 June 2021
Caledonian Trust plc
("Caledonian Trust", the "Company" or the "Group")
Repayment of loan facilities totalling c.GBP215,000
Caledonian Trust, the Edinburgh-based property investment
holding and development company, announces that the Company has
repaid GBP115,000 of outstanding loans plus accrued interest owed
to Leafrealm Limited ("Leafrealm"), a company controlled by Douglas
Lowe, Caledonian Trust's Chairman, Chief Executive and major
shareholder. The loan facility with Leafrealm that has been repaid
was put in place in July 2020 for working capital purposes and had
been fully drawn down by the Company.
In addition, the Company has also repaid an unsecured loan of
GBP99,999 to Mrs V Baynham, the wife of Mike Baynham, Finance
Director of Caledonian Trust.
The repayment of the loans is consistent with the Company's
stated intentions for the use of the net proceeds from the sale of
Ardpatrick Estate, as announced by the Company on 28 April
2021.
Following the loan repayment, the aggregate amount remaining
owed to Leafrealm across various prior loan arrangements totals
GBP4,380,000 comprising: (i) an unsecured loan of GBP4,020,000
which carries interest at a rate of 3 per cent. above the base rate
of the Bank of Scotland from time to time ("base"); and (ii) an
unsecured development loan of GBP360,000 which carries interest at
a rate of 0.5 per cent. above base. Further details on these loans
can be found in the Company's results announcement released on 23
December 2020.
Enquiries:
Caledonian Trust plc
Douglas Lowe, Chairman and Chief Executive Officer Tel: 0131 220 0416
Mike Baynham, Finance Director Tel: 0131 220 0416
Allenby Capital Limited
(Nominated Adviser and Broker)
Nick Athanas Tel: 0203 328 5656
Alex Brearley
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END
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June 08, 2021 02:00 ET (06:00 GMT)
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