P22 of a Rumour Refin Restrive Covs13 Jan 2019 18:35
Quote 2017 Refin , we can't even dispose of $30m let alone Zama without Bank approval Quote - If the Refinancing is completed, the Existing Finance Documents will contain customary restrictive covenants, restricting the ability of the Group, without the consent of the relevant majorities of its creditors, to, amongst other things: incur additional debt; make certain payments, including dividends and other distributions, with respect to outstanding share capital; repay or redeem subordinated debt or share capital; create or incur certain security; make certain acquisitions and investments or loans; sell, lease, or dispose of certain assets, including shares of If the Refinancing is completed, the Existing Finance Documents will contain customary restrictive covenants, restricting the ability of the Group, without the consent of the relevant majorities of its creditors, to, amongst other things: incur additional debt; make certain payments, including dividends and other distributions, with respect to outstanding share capital; repay or redeem subordinated debt or share capital; create or incur certain security; make certain acquisitions and investments or loans; sell, lease, or dispose of certain assets, including shares of any of the Issuer’s subsidiaries; incur capital expenditure or expenditure on exploration and appraisal activities in excess of approved amounts; guarantee certain types of the Group’s other indebtedness; expand into unrelated businesses; merge or consolidate with other entities; or make amendments to certain contracts or enter into hedging and certain other transactions outside of the Group’s hedging strategy. Whilst the Group’s creditors currently support the Group’s strategy, their continued support will be required for the Group to
implement it. In particular, the Group will require the approval of the applicable majorities of creditors for any acquisition of companies or any interests in companies where the value in aggregate is over US$10,000,000 in any financial year of the Group. The Group will require the approval of the applicable majorities of creditors to carry out a disposal except where the higher of the fair market value and the net consideration receivable does not exceed US$10,000,000 and, when aggregated with the higher of the fair market value and net consideration receivable for any other disposal not otherwise permitted, does not exceed US$30,000,000 in any financial year of the
Group. Agreed exceptions to this include the recently announced Pakistan
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