Ncondezi Energy Limited Shareholder Loan Extension (6595P)
September 04 2017 - 1:00AM
UK Regulatory
TIDMNCCL
RNS Number : 6595P
Ncondezi Energy Limited
04 September 2017
News Release
Shareholder Loan Extension
4 September 2017: Ncondezi Energy Limited ("Ncondezi" or the
"Company") (AIM: NCCL) announces that a formal agreement to extend
the Shareholder Loan repayment date has been entered in to.
Following the announcement on 25 August 2017, the Company has
been able to agree an amendment to the repayment terms of the
Shareholder Loan, with repayment now due on 2 September 2018. This
provides the Company with time to conclude the new partner search
process, better develop loan repayment options and raise additional
working capital by the end of September 2017.
All other terms of the Shareholder Loan remain unchanged,
including the loan return multiples, which remain fixed and
generate no additional cost to the Company. The Shareholder Loan
includes the Shareholder Loan referred to in the announcement of 11
May 2017 and the New Loan and Employee Shareholder Loan announced
on 23 June 2017.
Related Party Transaction
The extension of the Shareholder Loan (the "Transaction")
constitutes a related party transaction for the purposes of the AIM
Rules for Companies. Accordingly Jacek Glowacki, being the
Company's Independent Director in relation to the Transaction
considers, having consulted with Liberum, the Company's Nominated
Adviser, that the terms of the Transaction are fair and reasonable
insofar as its shareholders are concerned.
Enquiries
For further information please visit www.ncondezienergy.com or
contact:
+27 (0) 71 362
Ncondezi Energy: Hanno Pengilly 3566
Liberum Capital
Limited: Neil Elliot / Richard +44 (0) 20 3100
NOMAD & Broker Crawley 2000
Note:
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation ("MAR"). Upon the publication of this
announcement via Regulatory Information Service ("RIS"), this
inside information is now considered to be in the public domain. If
you have any queries on this, then please contact Hanno Pengilly,
Chief Development Officer of the Company (responsible for arranging
release of this announcement) on +27 (0) 71 362 3566.
Ncondezi owns 100% of the Ncondezi Project which is
strategically located in the power generating hub of the country,
the Tete Province in northern Mozambique. The Company is developing
an integrated thermal coal mine and power plant in phases of 300MW
up to 1,800MW. The first 300MW phase is targeting domestic
consumption in Mozambique using reinforced existing transmission
capacity to meet current demand.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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