Global Energy Development PLC Extension of note payable (1431L)

TIDMGED

RNS Number : 1431L

Global Energy Development PLC

31 August 2012

Immediate Release 31 August 2012

GLOBAL ENERGY DEVELOPMENT PLC

(the "Company")

EXTENSION OF NOTE PAYABLE

Global Energy Development PLC, the Latin America focused petroleum exploitation, development and production company (AIM: GED) with operations in Colombia announces that on 30 August 2012 it agreed to an extension of the maturity date of its Senior Secured Note Payable with HKN, Inc. ("HKN") for the principal amount of US$5 million (the "Note Payable"). The repayment of the Note Payable is now due on 14 April 2013.

In exchange for this extension, the Company agreed to increase the interest charge by 2.0% to 12.5%, with effect from the date the extension was granted. The Company will also pay to HKN a one-time 1% transaction fee of $50,000.

HKN and parties acting in concert with it are interested in 21,702,405 Global shares, representing approximately 60.21 per cent. of the issued share capital of Global. By virtue of these holdings, the amendment to the Note Payable constitutes a related party transaction under the AIM Rules. With the exception of Mr. Mikel Faulkner, who is a director of HKN, the Company's Directors consider, having consulted with Northland Capital Partners Limited, 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 please contact

Global Energy Development PLC

 
 Anna Williams, Finance Director    +001 817 310 0240 
  awilliams@globalenergyplc.com 
   www.globalenergyplc.com

Buchanan (Financial PR)

 
 Tim Thompson             +44 (0)20 7466 5000 
 Helen Chan 
 
 
 Northland Capital Partners Limited 
                                       +44 (0)20 7796 
  Louis Castro                          8800

Lauren Kettle

Westhouse Securities +44 (0) 20 7601 6100 Tom Price

Andrew Matharu

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCSDWFISFESEDA

Global Energy Development (LSE:GED)
Historical Stock Chart
From May 2024 to Jun 2024