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San Leon Energy Plc
San Leon Energy PLC - Update in relation to the loan
9th October 2023, 06:00
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RNS Number : 0511P
San Leon Energy PLC
09 October 2023
 

 

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Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement, this information is now considered to be in the public domain.

 

9 October 2023

San Leon Energy plc

("San Leon" or the "Company")

 

Update in relation to the loan from the Company's largest shareholder

 

San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, announces an update on the Company's secured US$5.0 million loan (the "Loan") from funds managed by Toscafund Asset Management LLP ("Toscafund").

 

On 8 August 2023, the Company announced, amongst other matters, that it had entered into the Loan with the Company's largest shareholder, being certain funds managed by Toscafund. The Loan carries a coupon of 10 per cent. per annum.  The Loan was originally repayable by no later than 7 September 2023.  On 2 October 2023 the Loan repayment date was subsequently extended to 6 October 2023. As part of the Loan, San Leon entered into security arrangements with the funds managed by Toscafund that comprise both a debenture issued by the Company as well as assignments and pledges over all of its group companies' loan and equity interests in ELI (the "Security").  The Security will be released upon full repayment of the Loan. 

 

San Leon's discussions with a third party in relation to securing an alternative loan facility (as mentioned in previous announcements) are now at a very advanced stage and, in order to enable them to conclude, Toscafund has provided the Company with a redemption and release letter which sets out, inter alia, the arrangements for the release of the Security. Specifically, the redemption and release letter includes a standstill provision by which Toscafund have agreed not to make any demand for repayment of the Loan or enforce the Security before 13 October 2023. All other terms of the Loan remain unchanged. The board of San Leon (the "Board") believes that a conclusion on an alternative loan facility will be reached in the very near term and will provide an update to shareholders and creditors at that time.

 

Enquiries:

 

San Leon Energy plc

+353 1291 6292

Oisin Fanning, Chief Executive

Julian Tedder, Chief Financial Officer

 

Allenby Capital Limited

(Nominated adviser and joint broker to the Company)

+44 20 3328 5656

Nick Naylor

Alex Brearley

Vivek Bhardwaj

 

Panmure Gordon & Co

(Joint broker to the Company)

+44 20 7886 2500

James Sinclair-Ford

John Prior

 

Tavistock

(Financial Public Relations)

+44 20 7920 3150

Nick Elwes

Simon Hudson

 

Plunkett Public Relations

+353 1 230 3781

Sharon Plunkett

 

 

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