RNS Number : 8335J
Reconstruction Capital II Ltd
15 December 2022
 

15  December 2022

 

Reconstruction Capital II Limited

 

Loan Facility

 

Reconstruction Capital II Limited (the "Company") announces that it has entered into a €800,000 unsecured loan facility with Ion Florescu, a substantial shareholder in the Company (the "Facility").

 

The Facility is necessary to support the working capital requirements of the Company, since the ability of Policolor, its main investee company, to pay dividends has been negatively affected by worsening trading conditions since the outbreak of the war in Ukraine.

 

The Facility will carry an interest rate of 8% on all amounts drawn down by the Company, and the loan term is twenty-four months. There is no arrangement fee and no early repayment fee.  The Company can draw down under the Facility at any time prior to 31st December 2023.

 

By virtue of the direct and indirect shareholdings held by Ion Florescu in the Company, 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, a company affiliated to Ion Florescu), 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 retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. 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/Luca Nicolae

Tel: +40 21 3167680

 

Grant Thornton UK LLP (Nominated Adviser)

Philip Secrett/ George Grainger / Samuel Littler

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
IODFFWSAIEESEIE