Our new Cryptocurrency section has arrived! Click here

Less Ads, More Data, More Tools Register for FREE

Independent Oil & Gas Believes Shares Well Below True Value

Mon, 2nd Dec 2019 18:48

(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

Copyright 2019 Alliance News Limited. All Rights Reserved.

Related Shares

More News

Independent Oil & Gas Believes Shares Well Below True Value

Independent Oil & Gas Believes Shares Well Below True Value

2 Dec 19 18:48

Independent Oil & Gas Names Investment Banker Rupert Newall As CFO

Independent Oil & Gas Names Investment Banker Rupert Newall As CFO

26 Nov 19 15:50

Independent Oil & Gas names Rupert Newall as new CFO

(Sharecast News) - Development and production company Independent Oil and Gas revealed that Rupert Newall would be taking over as its new chief financial officer on Tuesday, with immediate effect.

26 Nov 19 09:46

Independent Oil & Gas Completes Farm-Out With CalEnergy Resources

Independent Oil & Gas Completes Farm-Out With CalEnergy Resources

28 Oct 19 17:38

Login to your account

Don't have an account? Click here to register.