30 Sep 2019 Satisfaction of Loan Contract
(“Vordere” or the “Company)
Satisfaction of Loan Contract
Vordere plc is pleased to announce the early repayment of a loan. The loan was executed on 2 August 2017 between Vordere Capital Sarl, a wholly owned subsidiary of Vordere plc, and MV13 Eiendom AS (the “Borrower”), a single asset owning company. The repayment date was five (5) years from the drawdown date of 3 August 2017, being 3 August 2022.
The loan was issued for NOK 13,000,000. The drawdown consisted of NOK 11,790,000. The Borrower reduced the principal through early principal repayments of NOK 100,000 on 30 November 2018 and NOK 200,000 on 28 December 2018.
The loan was secured in the Norwegian land registry against a property in Oslo, in which the rental income was approximately 10% of the loan value and the interest charged by contract was an aggregate of 7% of loan value on repayment. The property valuations completed annually for Vordere plc’s financial statements provided that the secured value was NOK 20,000,000 on 28 July 2017, 16 May 2018, and 13 May 2019. This represented a loan to value of approximately 58% during the life of the loan.
The repayment of NOK 12,541,832.20 (approximately GBP 1,110,655.33 as of the payment date) was received on Tuesday, 24 September 2019. Interest paid over the life of the loan was NOK 1,749,959.73 (approximately GBP 155,109.08 as of the payment date).
This payment represents full final repayment of the principal and interest.
Quote from Vordere plc:
“The Board is delighted to have received re-payment of the loan from MV13 Eiendom AS three years earlier than anticipated. This is great news for shareholders and will provide an opportunity for the Company to expand its cash reserves pending suitable investment.”
|Claire Jackson, Company Secretary||+44 (0) 117 918 1314|
|Alper Deniz, Legal Advisor||+44 (0) 207 504 1157|
LEI number of Vordere PLC: 213800VALWEYWTLOX423