Global Energy Development PLC Extension of Note Receivable (1530P)
15 Novembre 2016 - 8:01AM
UK Regulatory
TIDMGED
RNS Number : 1530P
Global Energy Development PLC
15 November 2016
lmmediate Release 15 November 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 amended the
secured bridge financing note agreement ("Amended Note Receivable")
with Everest Hill Group Ltd. ("Everest") on 14 November 2016 to
extend the maturity date from 15 November 2016 to 15 January 2017.
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.
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, Inc.,
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, Inc., 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 +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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