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LONDON (Alliance News) - Angus Energy PLC shares fell Friday as the company announced a GBP2.3 million fundraising to pay back a loan.
Angus placed shares at 4 pence per share, with the stock down 6.8% on Friday at 4.48p.
The cash will be used to repay a GBP1.5 million loan from YA II PN Ltd and Riverfort Global Opportunities PCC Ltd, which was given to carry out work at its Balcombe and Brockham assets in the UK.
Managing Director George Lucan said: "The board has considered the capital structure of the company as being, in the short term, most ideally composed of ordinary equity and we are delighted to have obtained the opportunity, within this very tight timetable, to refinance our facilities accordingly.
"We recognise the placing price is significantly below historic share price levels and, whilst we did consider forms of pre-emptive issues to shareholders which unfortunately haven't been possible within the timeframe, believe, having considered all factors, this best positions the company to exploit the value of our asset base as we proceed with our well-defined strategy."
"I look forward to updating shareholders on this and the progress of our forthcoming board appointments shortly," Lucan added.
Lucan joined in late January after former MD Paul Vonk left.
Shareholders HSBC Global Custody Nominee UK Ltd and Jarvis Nominees Ltd, covering 6.2% of Angus, had demanded the removal of Vonk and had requisitioned a vote on the matter.
