Global Energy Development PLC Extension of Note Receivable (5036M)
October 14 2016 - 1:00AM
UK Regulatory
TIDMGED
RNS Number : 5036M
Global Energy Development PLC
14 October 2016
lmmediate Release 14 October 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 13 October 2016 to extend the maturity date thirty
days from 15 October 2016 to 15 November 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 +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
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