Circle Oil PLC - Financial Update
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("Circle" or the "Company")
Further to the announcement of
In addition to the waiver noted above, in light of the current financial position of the Company, the IFC and other syndicate members have again agreed to defer interest payments due in July and
IFC and a syndicate member have also agreed to provide additional stand-by funding to finance the Strategic Review process through to conclusion. The additional stand-by funding has been agreed pursuant to an interim funding deed between IFC, the Company and the Company's subsidiaries and shall be used for the purposes of the Strategic Review process. Any advances will be repayable by
The Company's financial position remains under significant pressure. As a result of the deferral of the IFC interest payment and the standby funding, the Company is in a position to discharge its financial obligations during the period of the waiver, pending resolution of the lender redemption notice received from Circle Link S.ar.L ("Circle Link"). The Company is continuing to discuss its position with Circle Link.
The Strategic Review process remains ongoing. The Directors continue to expect there will be no value attributed to Circle equity holders as a result of the Strategic Review process.
As noted in the announcement of
For further information contact:
Mitch Flegg, CEO
Investec (+44 20 7597 5970)
Murray (+353 87 6909735)
This information is provided by RNS
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