NuSep Holdings Ltd and PriIME Biologics Pte Ltd Enter into Loan Facilities
Mar 2 14
NuSep Holdings Ltd. announced that PriIME Biologics Pte Ltd, one of its subsidiaries, has entered into a loan facility for a total of AUD 825,000 and SGD 120,000 and NuSep Holdings Limited has entered into a loan facility for AUD 500,000. The first loan facility is of a short term nature and has been provided to PrIME Biologics Pte Ltd. by a consortium of lenders including Mr. John Manusu and Dr. Hari Nair, both directors of the borrower and former directors of NuSep Holdings Limited. The other two lenders are unrelated parties to the borrower and NuSep Holdings Limited. The first loan facility is for an amount of AUD 825,000 and SGD 120,000 and has been provided for a term of no more than 12 months and carries an interest rate of 10% per annum. The loan is to be used for working capital purposes and is secured via a mortgage over certain plant and equipment owned by the borrower. The first loan facility also anticipates the issue of 1% of shares in PrIME Biologics Pte Ltd. for every SGD 1,000,000 advanced, subject to the approval of NuSep Holdings Limited and its shareholders, if required. The loan facility also anticipates that if NuSep Holdings Limited is subject to a takeover offer then any amounts outstanding under the facility will be converted into fully paid ordinary shares of NuSep Holdings Limited at a price equal to 85% of the 20 day Volume Weighted Average Price of the shares immediately prior to the announcement of the takeover bid. It is expected that the first loan facility will be re-paid with funds received from the first tranche of an anticipated investment by Xeraya Capital Labuan Ltd, details of which have already been announced to the market. The second loan facility is for an amount of AUD 500,000. It is of a long term nature and has been provided to NuSep Holdings Limited by Mr. Andrew Goodall, a director of both the borrower and PrIME Biologics Pte Ltd. The second loan facility has been provided for a fixed term expiring on 15, January 2016 and carries an interest rate of 14% per annum. The loan is to be used for working capital purposes and is secured via a charge over the assets of NuSep Holdings Limited excluding the fixed assets of PrIME Biologics Pte Ltd. The second loan facility anticipates, subject to shareholder approval, the issue of 750,000 unlisted share options in NuSep Holdings Limited to Mr. Goodall at an exercise price of 11.2 cents, and expiring January 20, 2016.
PrIME Biologics Announces Appointment of Andrew Goodall as Non-Executive Director
Jan 29 14
NuSep Holdings Ltd. announced that Mr. Andrew Goodall has been appointed a non-executive director of PrIME Biologics which is currently the subject of a de-merger from its parent company namely NuSep Holdings Ltd. Mr. Goodall is also a non-executive director of NuSep Holdings Ltd.