(Alliance News) - Independent Oil & Gas PLC on Monday said the companies true value is well below the current share price.
London-based IOG was responding to a statement made by the administrators of IOG lender London Capital & Finance PLC.
IOG has repaid over GBP17.1 million including interest on the GBP34.6 million it originally borrowed, with a further GBP12.5 million of that original lend converted into equity.
IOG Chief Executive Andrew Hockey said: "Since the joint administrators of LOG took on what appears to be a very challenging administration process, we have developed a very constructive working relationship with them in order to facilitate their understanding of our business.
"This recent statement provides some helpful clarity as to the joint administrators' approach to their stake in IOG and they understand the fundamental value is significantly in excess of the current IOG share price. For our part, we at IOG are absolutely focused on ensuring we unlock the significant value within our business for the benefit of all stakeholders."
IOG shares closed 0.1% higher on Monday at a price of 17.88 pence each.
By George Collard; georgecollard@alliancenews.com
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