Verdicorp good buy for MSI, page-117

The directors and founders stumped up $1.8m

??

Did MSI get a loan of $1.8m or did the directors and founders stumped up $1.8m?

The following comes from MSI announcements:
In order to fund the Verdicorp acquisition, which would not otherwise have been achievable by MSI in the time available, MSI has entered into a loan agreement with Super Link Company Limited (Super Link), a Hong Kong based corporation (Super Link Loan).

Super Link is owned by interests associated with MSI's major shareholders (S W Yan and Stephen Leung, both of whom are also Directors of MSI).

Under the Super Link Loan, MSI has agreed to borrow US$1,800,000 from Super Link to enable it to complete the acquisition of the Verdicorp assets. The Loan is interest bearing at 5.00% per annum, is on commercial and arm's length terms, and will be secured by MSI granting security to Super Link of its interests in the assets to be acquired under Verdicorp Acquisition. MSI is pleased that after a drawn out process, it will have secured both access to and, subject to the below, control of the new ORC technologies and products in an area which complements its existing modular chiller business and in an area which the MSI Board believes has significant future growth.

The Super Link Loan is conditional on MSI granting Super Link an option to buy the Verdicorp assets from MSI for US$1,800,000 (Super Link Option). The grant of the Super Link Option was necessary in order to obtain Super Link's agreement to provide the Super Link Loan. If Super Link exercises the Super Link Option, acquisition by Super Link of the Verdicorp assets will be subject to MSI shareholder approval. The Super Link Loan is further conditional on MSI entering into a licence agreement with Super Link providing Super Link with the right to manufacture and distribute products which incorporate Organic Rankine Cycle (ORC) technologies in the territory that comprises the People’s Republic of China (including Hong Kong, Macau and Taiwan).