Pennpetro Energy PLC Shareholder Update
2024年12月20日 - 4:00PM
RNS Regulatory News
RNS Number : 8201Q
Pennpetro Energy PLC
20 December 2024
Pennpetro Energy
PLC
("PPP" or
"Pennpetro")
Shareholder
Update
December 20 th 2024. Following an
internal review by the recently appointed director and Chairman,
the Company wishes to update shareholders and address the present
situation.
Stephen Lunn (74), was recently appointed as Chairman
of PPP . Stephen has over 50 years of experience in the global
Capital and Equity markets, working in London , New York,
Hong Kong, Dubai and Sydney .
This experience has covered multiple fund raisings,
IPO's, Mergers and Acquisitions together with the management of
significant Pension Funds and private Family Office assets .
Involvement in many restructuring and turnaround situations has
provided Stephen with a sound knowledge of recapitalisation
strategies.
The transaction announced in July 2024 with Globalvision has yet to
be completed due to a number of issues arising in Texas. The issues
range from lease ownership challenges, unpaid historic royalty
payments and local creditor claims. These are potentially
significant but also resolvable claims.
Additionally, the leases assigned under the Globalvision agreement
are secured by historic corporate loans provided to the Pennpetro
group and these secured debts will require renegotiation in order
for any transaction to proceed further. Discussions to remedy this
position are taking place.
Globalvision and the Company are committed to working together to
address these issues and enable the transaction to
complete.
In the U.K., the Company has entered into settlement discussions
with a major creditor. This creditor secured a judgment for
approximately £500,000 including costs against the Company earlier
this year. This liability remained unaddressed causing the Company
to face an immediate winding up order. The present board have
entered into negotiations for settlement and are looking at a
satisfactory outcome.
The Company is therefore taking advice to ensure it is staying
within its solvency parameters. This advice will also address and
investigate actions of previous Directors.
The audit is not expected to be finished until the first quarter of
2025 with the consolidated management accounts only being recently
completed. This was delayed due to lack of available financial
information regarding the US subsidiaries.
The Company is confident that it can resolve all of the foregoing
issues and is in active discussions for further funding which will
support the restructuring process.
The Company is working closely with advisors and will keep
shareholders informed of progress.
-ENDS-
This announcement contains inside information for the purposes
of Article 7 of Regulation 2014/596/EU which is part of
domestic UK law pursuant to the Market Abuse (Amendment)
(EU Exit) regulations (SI 2019/310).
For further information contact the Company:
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END
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Pennpetro Energy (LSE:PPP)
過去 株価チャート
から 11 2024 まで 12 2024
Pennpetro Energy (LSE:PPP)
過去 株価チャート
から 12 2023 まで 12 2024