Global Energy Development PLC Amendment of Note Receivable (5458Q)
01 Março 2016 - 4:01AM
UK Regulatory
TIDMGED
RNS Number : 5458Q
Global Energy Development PLC
01 March 2016
Immediate Release 1 March 2016
GLOBAL ENERGY DEVELOPMENT PLC
(the "Company" or "Global")
AMENDMENT 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") (collectively as "Co-Lenders") amended the secured
bridge financing note agreement ("Amended Note Receivable") with
Everest Hill Energy Group Ltd. ("Everest") on 29 February 2016. The
original loan terms were announced on 16 September 2015.
Under the Amended Note Receivable, the Company has loaned an
additional $2 million to Everest and the Co-Lenders have extended
the maturity date by six months to 15 September 2016 for the total
loan of $12 million. In addition, under the terms of the Amended
Note Receivable, the Co-Lenders have been granted a right of first
refusal to purchase certain offshore oil service vessels owned by
Everest and its affiliates. The Amended Note Receivable continues
to be subject to an interest charge of 12 per cent. per annum,
payable monthly in arrears and Everest has also paid to Global a 2
per cent transaction fee of $40,000.
The Amended Note Receivable continues to be secured by all of
Everest's and its subsidiaries' holdings of Global and HKN
securities ("Collateral"). As at 29 February 2016, being the
closing date of the amendment, the Company considers the Collateral
value to be adequate in support of the principal amount of the
Amended Note Receivable. Global is serving as the collateral agent
for the Co-Lenders.
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 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 with Northland Capital Partners Limited, 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.
For further information please contact
Global Energy Development PLC
+001 817 310
Anna Williams, Finance Director 0240
awilliams@globalenergyplc.com
Northland Capital Partners Limited
Matthew Johnson +44 (0)20 7382 1100
David Hignell
This information is provided by RNS
The company news service from the London Stock Exchange
END
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