Nautilus Marine Services PLC AMENDMENT OF EVEREST HILL NOTE RECEIVABLE (6927W)

TIDMNAUT

RNS Number : 6927W

Nautilus Marine Services PLC

03 August 2018

 
 For Immediate Release   3 August 2018 
 

NAUTILUS MARINE SERVICES PLC

("Nautilus" or the "Company")

AMENDMENT OF EVEREST HILL NOTE RECEIVABLE

Nautilus Marine Services PLC (AIM: NAUT), announces that it amended the $4 million secured note agreement ("Amended Note Receivable") with Everest Hill Group Ltd. ("Everest") on 2 August 2018 to extend the maturity date from 15 September 2018 to 30 April 2019 and to also grant the Company the right to call for repayment of $2 million of the principal balance with 30 days' notice. The Amended Note Receivable continues to be subject to an interest charge of 8 per cent. per annum, is payable quarterly in arrears and is secured by a charge over Everest's and its affiliates' shareholdings in HKN, Inc., which is a substantial shareholder in the Company.

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 the Company. HKN, Inc., Lyford and parties acting in concert with them (the "Concert Party") are interested in 22,567,016 Nautilus shares, representing approximately 62.49 per cent of the issued share capital of the Company.

By virtue of these holdings, the execution of the Amended Note Receivable constitutes a related party transaction in accordance with AIM Rule 13. The Company's Independent Directors (being all of them save Mikel Faulkner, who is a member of the Concert Party) consider, having consulted with 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.

Enquiries:

 
 Nautilus Marine Services PLC 
 [e-mail] 
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 www.nautilusmarineplc.com 
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 finnCap Ltd 
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 Christopher Raggett/ Kate Bannatyne    020 7220 0500 
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 Yellow Jersey 
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                                        [phone] 
 Tim Thompson/ Henry Wilkinson           649 
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The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

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August 03, 2018 02:00 ET (06:00 GMT)