Nautilus Marine Services PLC Amendment of Everest Hill Note Receivable (4779V)

TIDMNAUT

RNS Number : 4779V

Nautilus Marine Services PLC

08 April 2019

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 5 April 2019 to extend the maturity date from 30 April 2019 to 30 October 2019 (the "Extension"). 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 a total of 34,721,606 Nautilus shares, representing approximately 66.13 per cent of the issued share capital of the Company.

By virtue of these holdings, the Extension constitutes a related party transaction in accordance with AIM Rule 13. The Company's Independent Directors consider, having consulted with finnCap Ltd, the Company's Nominated Adviser, that the Extension of the Amended Note Receivable is fair and reasonable insofar as the Company's shareholders are concerned.

 
For further information, please contact: 
Nautilus Marine Services Plc 
[e-mail] 
www.nautilusmarineplc.com 
 
  finnCap Ltd                                               Tel: [phone] 
Christopher Raggett / Kate Bannatyne (Corporate Finance) 
 
  Yellow Jersey                                             Tel: [phone] 
Tim Thompson / Henry Wilkinson 
 

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

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April 08, 2019 09:50 ET (13:50 GMT)