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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Andalas Energy And Power Plc | LSE:ADL | London | Ordinary Share | IM00BZ7PNY71 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.20 | 0.19 | 0.21 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMADL 1 February 2017 Andalas Energy and Power Plc ('Andalas', or the 'Company') Loan note Andalas Energy and Power Plc, the AIM traded Indonesian focused energy company (AIM: ADL) has issued a GBP500,000 zero coupon loan note ('the Loan Note') which will strengthen the Company's working capital position while it continues to progress the Company's strategy. The Loan Note, which has been issued to Sandabel Capital L.P. is secured against the assets of the Company and has a par value of GBP500,000 and is repayable in cash on or before 28 April 2017 ('the Maturity Date'). No interest is payable over the term of the Loan Note, which has been issued at a 20% discount to par value. The cash proceeds received from the lender following the issue of the Loan Note are therefore GBP400,000. In the event that the Loan Note is not repaid by the Maturity Date, the Loan Note holder has the right to convert into equity at the lower of the prior days closing bid price or a 20% discount to the 10 day VWAP in minimum tranches of GBP 20,000. For every three conversion shares issued under a conversion notice the lender will receive one 18 month warrant with exercise price at a 100% premium to the conversion price. Dave Whitby, CEO of Andalas, said, "Inclusion of our first project in Indonesia's national energy plan would be a key value trigger event for Andalas, particularly in the eyes of industry participants and/or potential finance partners who understand the substantial underlying value in our project. Ahead of this, today's Loan Note strengthens our working capital position, without the issue of equity, during an important period for the Company. In the short term, we expect the first project approval to add considerable value to Andalas and the loan note provides an excellent means to fund the company's further development to this point. This is an exciting time for Andalas as we look to prove our business model, and in the process become a leading Indonesian focused energy company." Appointment of Joint Broker The securing of the non-dilutive Loan Note for the Company was facilitated by Beaufort Securities Limited ('Beaufort'), which has been appointed joint broker to the Company. In conjunction with their appointment Beaufort has been granted three tranches of warrants at various premiums to the current share price. Details of the warrants, which expire after a period of five years, are provided below: * 10,000,000 at 0.20 pence per share; * 8,000,000 at 0.25 pence; * 6,666,666 at 0.30 pence **ENDS** For further information, please contact: David Whitby Andalas Energy and Power Plc Tel: +62 21 2783 2316 Sarah Wharry Cantor Fitzgerald Europe Tel: +44 20 7894 7000 Craig Francis (Nominated Adviser and Joint Broker) Jon Belliss Beaufort Securities Limited Tel: +44 20 7382 8415 (Joint Broker) Frank Buhagiar St Brides Partners Limited Tel: +44 20 7236 1177 Susie Geliher END
(END) Dow Jones Newswires
February 01, 2017 02:00 ET (07:00 GMT)
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