SKIL Ports & Logistics Limited Share Price Movement (1166K)

TIDMSPL

RNS Number : 1166K

SKIL Ports & Logistics Limited

16 September 2016

For immediate release

SKIL Ports & Logistics Limited

(the "Company")

Statement re movement in share price

The Board of SKIL Ports & Logistics Limited notes the recent movement in the Company's share price.

As has been previously announced, the Company has been in discussions with its lead contractor with regards to the final configuration, fit out and specification of the Karanja port and logistics facility (the "Karanja Terminal") in order to optimise port operations. In connection with that, the Company has also been considering its funding options, which may include increasing the current debt facility, securing a strategic partner to invest in the Company's subsidiary operating company, or a placing of new ordinary shares in the Company which would be available to all shareholders, or a combination of the above.

The Board currently estimates that to complete the Karanja Terminal in line with its preferred specification GBP36 million of additional funding is required. The Company can confirm that it has instructed advisers to commence work on a proposed placing and open offer (the "Fundraising") to assist with meeting this funding requirement. There can be no certainty that the Fundraising will proceed, nor as to the quantum, pricing, or timing of any such Fundraising.

Further announcements will be made as appropriate.

This announcement contains inside information.

For further information please contact:

 
  SPL                      Pavan Bakhshi/Jay Mehta 
                             C/O Redleaf Communications 
                             +44 (0) 20 382 4769 
   Cenkos Securities        Stephen Keys/Camilla Hume 
    plc                      +44 (0) 20 7397 8926 
    (Nomad and Broker) 
   Redleaf Communications   Charlie Geller/Sam Modlin 
    (Financial PR)           +44 (0) 20 7382 4769 
                             SKIL@redleafpr.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

SPMLFMATMBTBBFF

(END) Dow Jones Newswires

September 16, 2016 11:32 ET (15:32 GMT)

Skil Ports & Lg (LSE:SPL)
Historical Stock Chart
From Apr 2024 to May 2024