REG - Parkmead Group (The) - Extension of Loan

ParkmeadAnnouncement

30/07/2024 07:00

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RNS Number : 2785Y  Parkmead Group (The) PLC  30 July 2024

30 July 2024

 

The Parkmead Group plc

("Parkmead" or "the Company")

 

 

Extension of Loan and Renewable Energies exclusivity

 

Parkmead, the independent energy group focused on growth through gas, oil and
renewable energy projects, announces a twelvemonth extension to the
interest-bearing loan to Energy Management Associates Limited ("EMAL"). The
outstanding amount of the loan is £2.67m (the "Loan"), having been reduced
from £2.90m following the repayment of £230,000, ahead of the expiry of the
loan on 27 July 2024.

 

Through this loan facility, Parkmead continues to benefit from an exclusive
first right over all renewable energy opportunities identified or held by
EMAL. The Loan will continue to bear a fixed interest rate of 2.5 per cent per
annum, payable to Parkmead.  This exclusive arrangement has already
benefitted Parkmead significantly.  Firstly, through securing ownership of
the Pitreadie Wind Farm opportunity and secondly, through the introduction to
Parkmead of the opportunity to acquire 100% of the operational Kempstone Hill
Wind Farm, which has been generating revenues for Parkmead since 2022.
Further renewable energy opportunities are currently being evaluated through
this arrangement in the areas of wind and solar energies.

 

The entry by the Company into the Loan extension with EMAL, in which Tom
Cross is a director and shareholder, is a related party transaction for the
purposes of Rule 13 of the AIM Rules. The independent Directors (being those
other than Tom Cross), having consulted with Cavendish Capital Markets
Limited, consider that such arrangements with EMAL are fair and reasonable
insofar as the Company's shareholders are concerned.

 
Enquiries:

 

 The Parkmead Group plc                                              +44 (0) 1224 622200
 Tom Cross (Executive Chairman)

 Andrew Smith (Executive Director - Business Development)

 Cavendish Capital Markets Limited (NOMAD and Broker to Parkmead)    +44 (0) 20 7220 0500
 Marc Milmo / Seamus Fricker - Corporate Finance
 Iain MacArthur - Sales

 

 

 

 

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