BNS Telecom Group regularises loans to its Chief Executive
Monday, August 11, 2008
BNS Telecom Group Plc has announced that its principal trading subsidiary, BNS Telecom Limited, has today entered into a loan agreement with Garry Moat, Chief Executive, for, in aggregate, £797,048.
Pursuant to this loan agreement, the principal amounts outstanding are due to be repaid in full by 24 July 2009. Interest charged on outstanding borrowings up to 31 July 2008 has been capitalised and added to the principal of the loans. The annual interest rate is to be charged at 0.3 per cent. greater than the Company's cost of borrowing from time to time and will be rolled up and become payable in full on 24 July 2009.
The loan agreement has been put in place to consolidate and regularise a number of unsecured loans made since 2007 to Garry Moat and to two entities connected with him: Moat Properties Limited and Moat Property Partnership.
BNS Telecom Group, which has a market capitalisation currently of c.£8 million, had a net debt of £2.8 million at the end of January 2008.
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