Gasol plc BBH funding facility (6028W)

TIDMGAS

RNS Number : 6028W

Gasol plc

31 December 2013

Gasol plc

('Gasol' or the 'Company')

(AIM: GAS)

Gasol rolls over half of BBH funding facility

Then Board of Gasol today announces that it has agreed terms with Banque Benedict Hentsch & Cie SA ("BBH") for the rollover of half of its maturing convertible loan facility by one year to a new maturity date of 30 December, 2014. The remaining 50% of the maturing facility has been repaid from cash.

The revised terms of the new BBH Facility comprise:

   --     The principal amount of the facility is GBP364,437.76; 
   --     An interest rate of 5% payable at maturity or conversion;

-- A conversion option whereby BBH has the right to call for the conversion of the loan, in whole or in part, into ordinary shares of Gasol at a price of 20p per share. Conversion may take place at any time up to 30 December, 2014; and

-- Repayment (to the extent not previously converted) on 30 December, 2014. Repayment may be made, at the Company's choice, either in cash or in Gasol's shares (priced at a 10% discount to the mid-market closing price on the day before repayment).

In consideration of the rollover and the revised payment terms, Gasol is awarding BBH 120,000 warrants for subscription of up to 120,000 ordinary shares of Gasol at an exercise price of 30p per share. The warrants can be exercised in whole or in part at any time up to 7 January, 2015.

- Ends -

For further information, please contact:

 
 Gasol plc 
  Alan Buxton, Chief Operating 
  Officer                         +44 (0) 20 7290 
  www.gasolplc.com                 3300 
 Panmure Gordon (UK) Limited 
  Dominic Morley (Corporate 
  Finance)                        +44 (0) 20 7886 
  Callum Stewart (Corporate        2500 
  Finance) 
  Adam Pollock (Corporate 
  Broking) 
 
  Yellow Jersey PR Limited         +44 (0) 7768 537 
  Dominic Barretto                 739

Notes to Editors:

About Gasol plc

Gasol plc is an AIM listed energy development company focusing on gas constrained nations. Power stations in West Africa currently operate predominantly on liquid fuels such as diesel, light crude and jet fuel, but many of these plants are also capable of using gas. Gasol will initially supply these customers with gas from regasified Liquefied Natural Gas ("LNG"), which can provide significant cost savings in the order of 20 to 30 per cent. This involves the delivery of LNG to leased Floating Storage and Regasification Facilities which will be positioned in Cotonou harbour, Benin and will supply the regasified LNG into the West African Gas Pipeline. The West African Gas Pipeline is a 678km gas pipeline involving an investment of over US$1 billion, built to transport gas from Nigeria to Benin, Togo and Ghana which has been operational since March 2011, but today operates at significantly less than full capacity. Once there is sufficient regional demand for gas, Gasol aims to develop captive gas reserves offshore and will supply this gas through the West African Gas Pipeline. This pipeline gas will be cheaper and therefore displace the LNG derived gas, resulting in further savings for customers.

As part of a consortium called Electrogas Malta, Gasol has also been awarded a LNG-to-power project by Malta's state power utility Enemalta, as the country aims to lower its energy costs. Electrogas Malta is a consortium made up of Gasol, SOCAR Trading SA, GEM Holdings Ltd and Siemens Project Ventures, the equity financial arm of Siemens Financial Services.

Gasol's shares have been listed on London Stock Exchange's AIM since 2005 with the ticker code "GAS". Further information on the Company is available at www.gasolplc.com.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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