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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Equatorial Palm Oil Plc | LSE:PAL | London | Ordinary Share | GB00BMF75608 | ORD 0.2P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 20.00 | 19.50 | 21.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPAL
RNS Number : 6443S
Equatorial Palm Oil plc
07 November 2019
7 November 2019
EQUATORIAL PALM OIL plc
("EPO" or the "Company")
Roll Over of $50.5m Loan from KLK to Joint Venture Company
Equatorial Palm Oil plc (AIM: PAL), the AIM listed palm oil development and production company with operations in Liberia, West Africa, announces today that KLK Agro Plantations Pte Ltd ("KLK Agro"), a wholly owned subsidiary of Kuala Lumpur Kepong Berhad ("KLK") agreed to extend the maturity of US$50.5 million of outstanding loans to EPO's 50 per cent. owned joint venture company, Liberian Palm Developments Limited ("LPD") (the "Extended Loans").
The Extended Loans comprise loans of US$20.5m, announced on 27 January 2015, and US$30.0m, announced on 5 September 2016, both of which have been fully drawn down and were due to mature on 25 January 2020. The Extended Loans, together with all accrued interest, are now repayable by no later than 30 September 2032 ("Loan Extension").
The key terms of the Extended Loans remain as follows:
-- Term - expiring no later than 30 September 2032 -- Interest - 3-months USD LIBOR + 5 per cent per annum
-- Repayment - Loan principal (together with all accrued Interest due) on expiry of the Term or earlier at the election of LPD
The Loan Extension has been agreed for nil consideration. The terms of the additional loans entered into by KLK Agro and LPD dated 12 October 2017 (US$30,000,000) and 20 May 2019 (US$20,000,000) are unaffected by this Loan Extension and remain payable on 10 October 2022 and 19 May 2024, respectively.
Related Party Transaction
KLK (through its wholly owned subsidiary KL-Kepong International Limited) currently holds 50 per cent of the issued share capital of LPD and ordinary shares in EPO representing approximately 62.86 per cent. of the issued share capital of the Company. Accordingly, LPD is a related party to the Company as defined in the AIM rules for Companies and the Loan Extension is classified as related party transaction under the AIM Rules for Companies. Michael Frayne and Geoffrey Brown, being the non-related directors of EPO for the purposes of this transaction, consider, having consulted with the Company's nominated adviser, Strand Hanson Limited, that the terms of the Loan Extension are fair and reasonable insofar as the Company's shareholders are concerned.
- END -
For further information, please visit www.epoil.co.uk or contact:
Equatorial Palm Oil plc +44 (0) 20 7268 Geoffrey Brown (Executive Director) 4874 Strand Hanson Limited (Nominated Adviser) +44 (0) 20 7409 James Harris / James Bellman 3494 Mirabaud Securities LLP (Broker) +44 (0) 20 7484 Peter Krens 3510
Notes to editors:
Equatorial Palm Oil plc is an AIM listed crude palm oil developer and producer with palm oil estates in Liberia, West Africa. The Company was founded in 2005 and is focused on becoming a global, sustainable producer of high quality palm oil to regional and international markets.
The Company is geographically well positioned to serve the international and regional markets and is committed to making a positive impact on the communities in which it operates through investment in local schools, health clinics, housing and infrastructure.
The Company's largest shareholder and 50:50 joint venture partner in LPD is KLK. KLK is one of the largest palm oil producers in the world and the Company will greatly benefit from their many years of expertise in oil palm development.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
November 07, 2019 05:15 ET (10:15 GMT)
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