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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Maple Energy | LSE:MPLE | London | Ordinary Share | IE00B1FRPX03 | ORD USD0.01 (EX-DIVIDEND) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.625 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMMPLE
RNS Number : 2372X
Maple Energy plc
17 November 2014
17 November 2014
MAPLE ENERGY PLC
("Maple" or the "Company")
TERMINATION OF PROPOSED TRANSACTION
As previously announced, Maple Energy plc ("Maple" or the "Company") received an offer (the "Offer) from Graña y Montero S.A.A. and Alcogroup SA (together the "Investors") under which the Company would, in effect, dispose of a substantial part of its equity interest in the Company's principal trading subsidiaries to the Investors in return for a material investment at the subsidiary level (the "Proposed Transaction").
As stated, the Offer was conditional and required approval from a number of parties including the senior lenders of the Company's ethanol business (the "Senior Lenders"). Thus there was no guarantee that the Proposed Transaction would be concluded on terms acceptable to the Company, or at all.
The Company announces today that negotiations regarding the Offer have been terminated by mutual agreement due to the impossibility to reach an agreement among all the parties involved, including the Senior Lenders, regarding certain conditions of the Proposed Transaction.
The Company is continuing with the process of seeking equity investment from strategic investors or business disposals in order to secure the sustainability of its ethanol business. There is no guarantee that a transaction will be concluded on terms acceptable to the Company, or at all.
In the meantime, the Company continuous to work closely with the Senior Lenders to try to secure additional capital for the ongoing operations of its ethanol business, and to obtain certain waivers under the existing senior loans, until a transaction is completed. The Company will provide an update regarding the progress of these ongoing negotiations with its Senior Lenders as appropriate. There is no guarantee that these negotiations will be concluded successfully.
Finally, the hydrocarbons operating subsidiary, Maple Gas Corporation del Peru S.R.L., continues to be a profitable business unit, generating steady cash flow and should not be affected by the situation of the ethanol business unit.
For further information, please contact:
Maple Energy plc (+ 51 1 611 4000)
Guillermo Ferreyros Cannock, Chief Executive Officer, and Executive Director
Cenkos Securities plc (+ 44 131 220 6939)
Derrick Lee
Alan Stewart
This information is provided by RNS
The company news service from the London Stock Exchange
END
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