Air Touring Group plc

May 06, 2009 08:52 ET

Loan to the Company and Option Grant


                                             Air Touring Group plc
                                       ("Air Touring" or "the Company")
                                     Loan to the Company and Option Grant

The Board of Air Touring Group Plc are pleased to announce that the Company has received a loan of £250,000
from a shareholder, M D Barnard and Company Limited, through its investment fund, New Century AIM VCT plc. The
loan is repayable no later than 31 March 2014 or at anytime in tranches at the discretion of the Company. The
interest payable on this loan is 10% per annum.

This loan is to be used for working capital purposes whilst the Company renegotiates their current banking
facilities. The Company intends to repay the loan at the earliest opportunity.

The Company has also granted options to New Century AIM VCT plc for 1,250,000 shares with a strike price on a
sliding scale pegged to redemption dates (before Sept 2009 = 20p, between October 2009 and March 2010 = 15p
and after March 2010 = 10p).

The Directors of Air Touring Group plc accept responsibility for this announcement.

Air Touring Group plc
Michael Pearce,                           
Chief Executive
Tel: 01959 579 710                        

St Helens Capital plc
Barry Hocken /Duncan Vasey
Tel: 0207 628 5582

Contact Information

  • Air Touring Group plc