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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Gasol | LSE:GAS | London | Ordinary Share | GB00B826T938 | ORD 0.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMGAS
RNS Number : 6028W
Gasol plc
31 December 2013
Gasol plc
('Gasol' or the 'Company')
(AIM: GAS)
Gasol rolls over half of BBH funding facility
Then Board of Gasol today announces that it has agreed terms with Banque Benedict Hentsch & Cie SA ("BBH") for the rollover of half of its maturing convertible loan facility by one year to a new maturity date of 30 December, 2014. The remaining 50% of the maturing facility has been repaid from cash.
The revised terms of the new BBH Facility comprise:
-- The principal amount of the facility is GBP364,437.76; -- An interest rate of 5% payable at maturity or conversion;
-- A conversion option whereby BBH has the right to call for the conversion of the loan, in whole or in part, into ordinary shares of Gasol at a price of 20p per share. Conversion may take place at any time up to 30 December, 2014; and
-- Repayment (to the extent not previously converted) on 30 December, 2014. Repayment may be made, at the Company's choice, either in cash or in Gasol's shares (priced at a 10% discount to the mid-market closing price on the day before repayment).
In consideration of the rollover and the revised payment terms, Gasol is awarding BBH 120,000 warrants for subscription of up to 120,000 ordinary shares of Gasol at an exercise price of 30p per share. The warrants can be exercised in whole or in part at any time up to 7 January, 2015.
- Ends -
For further information, please contact:
Gasol plc Alan Buxton, Chief Operating Officer +44 (0) 20 7290 www.gasolplc.com 3300 Panmure Gordon (UK) Limited Dominic Morley (Corporate Finance) +44 (0) 20 7886 Callum Stewart (Corporate 2500 Finance) Adam Pollock (Corporate Broking) Yellow Jersey PR Limited +44 (0) 7768 537 Dominic Barretto 739
Notes to Editors:
About Gasol plc
Gasol plc is an AIM listed energy development company focusing on gas constrained nations. Power stations in West Africa currently operate predominantly on liquid fuels such as diesel, light crude and jet fuel, but many of these plants are also capable of using gas. Gasol will initially supply these customers with gas from regasified Liquefied Natural Gas ("LNG"), which can provide significant cost savings in the order of 20 to 30 per cent. This involves the delivery of LNG to leased Floating Storage and Regasification Facilities which will be positioned in Cotonou harbour, Benin and will supply the regasified LNG into the West African Gas Pipeline. The West African Gas Pipeline is a 678km gas pipeline involving an investment of over US$1 billion, built to transport gas from Nigeria to Benin, Togo and Ghana which has been operational since March 2011, but today operates at significantly less than full capacity. Once there is sufficient regional demand for gas, Gasol aims to develop captive gas reserves offshore and will supply this gas through the West African Gas Pipeline. This pipeline gas will be cheaper and therefore displace the LNG derived gas, resulting in further savings for customers.
As part of a consortium called Electrogas Malta, Gasol has also been awarded a LNG-to-power project by Malta's state power utility Enemalta, as the country aims to lower its energy costs. Electrogas Malta is a consortium made up of Gasol, SOCAR Trading SA, GEM Holdings Ltd and Siemens Project Ventures, the equity financial arm of Siemens Financial Services.
Gasol's shares have been listed on London Stock Exchange's AIM since 2005 with the ticker code "GAS". Further information on the Company is available at www.gasolplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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