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LONDON - Gowin New Energy Group Limited announced Friday that its Chief Executive Officer, Chen Chih-Lung, has provided a £25,000 loan to the company to address short-term liquidity needs.
According to a statement based on a company press release, the loan carries an interest rate of 2% per annum and is repayable within twelve months, with an option for extension by mutual agreement. The funds will be used to help the company meet its immediate payment obligations.
The company indicated that Mr. Chen "will continue to support the Company’s working capital requirements as and when required."
The transaction constitutes a related party transaction under Rule 4.6 of the AQSE Growth Market Access Rulebook. Independent (LON:IOG) directors Garry Willinge and Chien Chih-Peng have reviewed the arrangement and determined it to be "fair and reasonable" for shareholders.
Gowin New Energy Group is listed on the AQSE Growth Market, with Novum Securities Limited serving as its corporate adviser.
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