Source - RNS
RNS Number : 5036M
Global Energy Development PLC
14 October 2016
 

 

 

 

lmmediate Release                                                                               14  October 2016

 

  

GLOBAL ENERGY DEVELOPMENT PLC

(the "Company" or "Global")

 

EXTENSION OF NOTE RECEIVABLE

 

 

Global Energy Development PLC (AIM: GED), the Latin America focused petroleum exploration, development and production company with operations in Colombia, announces that the Company and HKN, Inc. ("HKN") amended the secured bridge financing note agreement ("Amended Note Receivable") with Everest Hill Group Ltd. ("Everest") on 13 October 2016 to extend the maturity date thirty days from 15 October 2016 to 15 November 2016.  The Amended Note Receivable continues to be subject to an interest charge of 12 per cent. per annum, payable monthly in arrears and also continues to be secured by all of Everest's and its subsidiaries' holdings of Global and HKN securities. 

 

Everest is an affiliated company of the Quasha family trusts which also have an interest in Lyford Investments Enterprises, Ltd., ("Lyford") an existing shareholder in Global.  HKN, Lyford and parties acting in concert with them are interested in 22,553,406 Global shares, representing approximately 62.45 per cent of the issued share capital of the Company.  By virtue of these holdings, the amendments to the terms of the loan constitute a related party transaction in accordance with AIM Rule 13.  With the exception of Mikel Faulkner, who is a director of HKN, the Company's Directors consider, having consulted finnCap Ltd, the Company's Nominated Adviser, that the terms of the Amended Note Receivable are fair and reasonable insofar as the Company's shareholders are concerned. 

 

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

 

Enquiries:

 

Global Energy Development PLC

Anna Williams, Director of Strategy and Business Development

  +1 817 424 2424, ext 110

[email protected]

www.globalenergyplc.com


 

finnCap Ltd

Christopher Raggett/Scott Mathieson/Kate Bannatyne (Corporate Finance)

0207 220 0500

Joanna Scott (Corporate Broking)




Abchurch

Nessyah Hart/ George Robinson

0207 398 7700

[email protected] 


 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCBLBDGGGBBGLX

Related Charts

Global Energy Development (GED)

-0.50p (-2.22%)
delayed 08:43AM