Global Energy Development PLC Extension of Note Receivable (4797J)
September 12 2016 - 1:00AM
UK Regulatory
TIDMGED
RNS Number : 4797J
Global Energy Development PLC
12 September 2016
Immediate Release 12 September 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 9 September 2016 to extend the maturity date by
thirty (30) days from 15 September 2016 to 15 October 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 +1 817 424 2424, ext 110 Development
awilliams@globalenergyplc.com
www .globalenergyplc.com
finnCap Ltd
Christopher Raggett/Scott Mathieson/Kate Bannatyne 0207 220 0500
(Corporate Finance)
Joanna Scott (Corporate Broking)
Abchurch 0207 398 7700
Nessyah Hart/ George Robinson
globalenergy@abchurch-group.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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