Extension Of Loan Agreement (6777A)
February 04 2011 - 2:00AM
UK Regulatory
TIDMGED
RNS Number : 6777A
Global Energy Development PLC
04 February 2011
Immediate Release 4 February 2011
GLOBAL ENERGY DEVELOPMENT PLC
(the 'Company')
EXTENSION OF LOAN AGREEMENT
Global Energy Development PLC, the Latin America focused
petroleum exploration and production company (LSE-AIM: "GED"),
announces that on 3 February 2011 it agreed a one year extension of
the maturity date of its senior secured note with HKN, Inc. for a
principal amount of US$5 million (the "Loan Agreement"). The
repayment of the loan is now due on 15 September 2012.
In exchange for this extension the Company agreed to increase
the interest charge by 0.5% to 10.5%, with effect from the date the
extension was granted.
By virtue of HKN, Inc.'s 33.56% holding in the Company, the Loan
Agreement constitutes a related party transaction under the AIM
Rules for Companies. With the exception of Mr. Mikel Faulkner, who
is a director of HKN, Inc., the Company's Directors consider,
having consulted with Matrix Corporate Capital LLP, the Company's
Nominated Adviser, that the terms of the transaction are fair and
reasonable insofar as the Company's shareholders are concerned.
For further information:
Global Energy Development PLC
Patrick Garo, CFO and Company Secretary +44 (0)20 3178 5156
www.globalenergyplc.com
Matrix Corporate Capital LLP
Louis Castro
Tim Graham +44 (0)20 3206 7000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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