Loan Notes and Extension of Subscription Payment
Coastal Africa Group Limited has issued an additional £0.167 million in Convertible Loan Notes due 2030, bringing the total to £10,166,812, to cover its half-yearly interest payment. Additionally, the company has granted an extension to Coastal Executive Services Ltd., a related party, for the payment of £1,109,998.40 for ordinary shares, now due by 31 October 2026, with interest accruing at 9% per annum from 9 August 2026. Independent directors, after consulting with the nominated adviser, deem the terms of this extension fair and reasonable for shareholders.
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Coastal Africa Group Limited ("Coastal" or the "Company") (AIM: CAGL), an AIM-quoted investing company focused on acquiring and investing in the oil and gas sector, energy infrastructure, energy services and energy assets across West Africa, announces the following:
Issue of Further Loan Notes
The Company has elected to pay the half yearly interest payment (10 June 2026 to 1 September 2026) of £0.167 million, in respect of its £10 million Convertible Loan Notes due 2030 (the "Loan Notes"), in kind through the issuance of an additional 166,812, loan notes, pursuant to a supplemental loan note agreement dated 1 September 2026 (the "Further Loan Notes"). The Further Loan Notes are subject to the same commercial terms as the CLN Agreement Loan
The Convertible Loan Agreement (the "CLN Agreement") is dated 10 June 2026, between Coastal Africa Group Limited and BP Oil International Limited. Following the issue of the Further Loan Notes, the Company will have in issue £10,166,812 Convertible Loan Notes due 2030.
Extension of Subscription Payment - Coastal Executive Services Ltd.
As disclosed in its AIM Admission Document dated 4 June, 2026, 689,440 Ordinary Shares subscribed for as part of the Company's IPO Subscription are legally held by Coastal Executive Services Ltd. ("CES"), a related party to Conrad Clauson, Chief Executive of the Company.
Following a request from CES and consideration by the Company's directors independent of CES, the Board has approved an extension of the period for CES to make payment of £1,109,998.40, for the Ordinary Shares held by it, to 31 October 2026, with interest accruing at a rate of 9 per cent per annum from 9 August 2026 until the date of payment in full (the "Extension").
As CES is a related party of the Company, the extension constitutes a related party transaction for the purposes of AIM Rule 13 of the AIM Rules for Companies. The Directors independent of the Extension, being Peter Kimpel, Ogbemi Ofuya, Cornelius Clauson and Richard Moore consider, having consulted with SP Angel Corporate Finance LLP, the Company's nominated adviser, that the terms of the Extension are fair and reasonable in so far as the Company's shareholders are concerned.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.