SDX Energy PLC Update on Convertible Loan

RNS Number : 7389X

SDX Energy PLC

25 July 2024

 

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY SDX TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

25 July 2024

 

SDX ENERGY PLC ("SDX" or the "Company")

UPDATE ON CONVERTIBLE LOAN

As announced on 27 July 2023, the Company entered into a syndicated unsecured convertible loan agreement with Aleph Finance Ltd (the "Lender") for up to US$3.25 million (the "Convertible Loan").

The syndicated Convertible Loan is unsecured, convertible at any time at the option of the individual lenders and repayable on 24 July 2024. The amount payable is US$3.82 million (principal US$3.25 million and interest US$0.57 million).

The Lender and the Company are discussing entry into a new agreement (the "New Facility Agreement") and have today signed a non-binding term sheet for that proposed New Facility Agreement between the Lender and the Company. The New Facility Agreement would refinance the Convertible Loan.

Together with the signing of the term sheet, the Company has requested and the Lender has consented and agreed to repayment being delayed, provided that the New Facility Agreement is entered into by the Borrower on or before 13 September 2024.

In the coming weeks, the Company will convene a general meeting to ask shareholders to vote on the New Facility Agreement (the "General Meeting"). Therefore, the Company is deferring its Annual General Meeting from 29 July 2024 to a later date, when it will hold both the Annual General Meeting and the General Meeting on the same day.

There can be no certainty that the Lender and the Company will enter into the New Facility Agreement and it remains subject to, inter alia, customary due diligence, entry into definitive transaction documentation and shareholder approval.

A further announcement will be made in due course.

 

For further information:

 

SDX Energy Plc Daniel Gould, Chief Executive Officer William McAvock, Chief Financial Officer Tel: [phone]
Shore Capital (Nominated Adviser and Broker) Toby Gibbs/Harry Davies-Ball Tel: [phone]
InHouseIR (Investor and Media Relations) Sarah Dees/Oliver Clark Email: [e-mail] Tel: [phone]

About SDX

For further information, please see the Company's website at www.sdxenergygroup.com or the Company's filed documents at www.sedar.com.

 

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