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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Global Energy | LSE:GED | London | Ordinary Share | GB0031461949 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 14.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
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
END
MSCBLBDGGGBBGLX
(END) Dow Jones Newswires
October 14, 2016 02:00 ET (06:00 GMT)
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