Company Update
Angus Energy PLC has reached an agreement in principle on the key terms to restructure its debt with its three principal creditor groups: Trafigura, ORRI holders, and Forum Energy Services Ltd. This restructuring aims to significantly strengthen the company's balance sheet, improve liquidity, and establish a more sustainable long-term capital structure, though definitive agreements are still being finalised. Trading in Angus Energy's shares on AIM will remain suspended pending the conclusion of this financial restructuring.
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The Company is pleased to announce that it has reached agreement on the key terms to restructure its debt obligations with its three principal creditor groups, namely Trafigura, the Overriding Royalty Interest ("ORRI") holders, and Forum Energy Services Ltd ("Forum"). This comprehensive restructuring, when completed, will represent a major milestone for the business, demonstrating strong stakeholder support and providing a clear, sustainable financial platform for the Company's next phase of development.
The parties will now move into the legally binding documentation phase, with the Company aiming to finalise and execute the necessary detailed agreements over the coming weeks. The Company will update the market and provide further details once definitive agreements have been signed and will be sending a circular to shareholders to approve the plans at that time.
The proposed terms, once approved, will materially strengthen the balance sheet, improve the Company's liquidity, and create a more sustainable long-term capital structure.
In the meantime, the Board continues to prudently manage working capital in close coordination with its lenders.
Suspension of Trading on AIM
Trading in the Company's shares on AIM will remain suspended pending the conclusion of its financial restructuring.
The Board remains fully committed to delivering a sustainable, value-driven strategy for the Company and looks forward to updating shareholders further as this transformative restructuring progresses.
Carlos Fernandes, Finance Director comments: "We are pleased to have reached agreement, in principle, on the key terms for this proposed restructuring. While further work remains to finalise the detailed documentation with the applicable parties, the progress to date reflects the constructive engagement of our key stakeholders and their continued support for the Company. We look forward to completing the documentation process in the coming weeks and continuing to focus on building long-term value for shareholders."
For further information please visit www.angusenergy.co.uk.
Angus Energy Plc
Carlos Fernandes
Finance Director Via Flagstaff
SP Angel Corporate Finance LLP (Nomad and Broker) www.spangel.co.uk
Stuart Gledhill / Jen Clarke / Richard Hail Tel: +44 (0)20 3470 0470
Flagstaff PR/IR angus@flagstaffcomms.com
Tim Thompson / Fergus Mellon / Alison Alfrey Tel: +44 (0) 207 129 1474
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.