Global Energy Development PLC Acquisition Of HKN's Rights To Loan Note (8031N)
31 Octobre 2016 - 8:00AM
UK Regulatory
TIDMGED
RNS Number : 8031N
Global Energy Development PLC
31 October 2016
lmmediate Release 31 October 2016
GLOBAL ENERGY DEVELOPMENT PLC
(the "Company" or "Global")
ACQUISITION OF HKN'S RIGHTS TO LOAN NOTE
Global Energy Development PLC, the petroleum development and
production company (AIM: GED), announces that on 28 October 2016
the Company acquired HKN Inc.'s ("HKN") rights of their outstanding
principal amount of $2 million in respect of the existing secured
bridge financing note agreement ("Loan Note") held with Everest
Hill Group Inc. ("Everest") for cash, and as a result Global will
be the sole lender of the amended Loan Note with collateral
remaining in place and securing the obligation.
Related Party Transaction
Everest is an affiliated company of the Quasha family trusts
which also have an interest in Lyford Investments, Inc., ("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 amendment
to the Loan Note constitutes a related party transaction in
accordance with Rule 13 of the AIM Rules for Companies. With the
exception of Mikel Faulkner, who is a director of HKN, the
Company's Directors consider, having consulted with finnCap Ltd,
the Company's Nominated Adviser, that the terms of the amended Loan
Note are fair and reasonable insofar as the Company's shareholders
are concerned.
Enquiries:
Global Energy Development PLC
Anna Williams, Director of +1 817 424 2424,
Strategy and Business Development ext 110
awilliams@globalenergyplc.com
www.globalenergyplc.com
finnCap LtdChristopher Raggett/Scott
Mathieson/Kate Bannatyne (Corporate
Finance) 0207 220 0500
Joanna Scott (Corporate Broking)
Abchurch
Nessyah Hart/ George Robinson 0207 398 7700
globalenergy@abchurch-group.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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