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Share Price:
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Proposed short-term Bond amendments
Today 16:53
RNS Number : 0555D
IOG PLC
16 June 2023
16 June 2023
IOG plc
Proposed short-term Bond amendments
IOG plc ("IOG", or "the Company"), (AIM: IOG.L) provides a further update following the RNS of earlier today regarding discussions with bondholders.
As stated, one of the Company's key objectives is to create a stable period to address both near-term pressures and the longer-term bond maturity. In that context, the Company has requested bondholders to consider certain short-term amendments to the Bond, notably:
· that the minimum Interest Cover Ratio requirement pursuant to paragraph 13.20(c) of the Bond Terms with respect to the Relevant Period ending on 30 June 2023 is waived;
· as indicated earlier, that the payment date for the interest payment due to be made on 20 June 2023 pursuant to paragraph 9.2 of the Bond Terms is deferred from 20 June 2023 to 31 July 2023 (with those funds remaining in the Debt Service Reserve Account);
· that any event of default arising out of cross default from a claimed event of default under the subordinated LOG convertible loan note is waived until 31 July 2023.
A summons for a written resolution ("the Proposed Resolution") reflecting the above is being issued to bondholders seeking approval of these amendments. The Company has received voting undertakings of support to vote in favour of the Proposed Resolution from bondholders controlling more than 50% of the Voting Bonds.
Rupert Newall, CEO, commented:
"As noted earlier, we are engaging constructively with our bondholders to ensure that the Company is best positioned to deliver value for its stakeholders. That includes these proposed short-term amendments to the Bond, for which I am pleased to say we already have voting undertakings in support from bondholders controlling more than 50% of the voting bonds. As ever we will keep the market updated on progress."
This announcement contains inside information for the purposes of Article 7 of the Market Abu
REG – Pantheon Resources – Issue of Equity and Total Voting Rights
15 Jun 2023 15:50
For best results when printing this announcement, please click on link below: http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230615:nRSO8972Ca&default-theme=true
RNS Number : 8972C Pantheon Resources PLC 15 June 2023 15 June 2023 Pantheon Resources plc
Issue of Equity and Total Voting Rights
Pantheon Resources plc ("Pantheon" or the "Company"), the AIM-quoted oil and gas company with 100% working interest in all of its oil projects spanning c. 193,000 acres adjacent to transportation and pipeline infrastructure on the
Alaska North Slope, announces (i) an update in relation to the settlement of the Fundraise announced on 16 May 2023 and (ii) the quarterly repayment of unsecured bonds.
Completion of settlement of the Fundraise
Further to its announcement on 23 May 2023 in relation to the settlement of the Fundraise announced on 16 May 2023, the Company can now confirm the receipt of all outstanding Subscription monies. Accordingly, an application to
AIM has been made for the remaining 8,783,893 new Ordinary Shares relating to the Fundraise to be admitted to trading on AIM (the "Second Fundraise
Admission"). It is expected that the Second Fundraise Admission will take place and dealings will commence on AIM on or around 8.00 a.m. on 21 June 2023.
Quarterly Bond Repayment
Pantheon has elected to pay (i) the quarterly principal repayment of US$2.45 million and (ii) the interest payment of US$367,500 (collectively, the "Quarterly Repayment") in respect of its senior unsecured convertible bonds due 2026 (the "Convertible Bond"), through the issuance of new shares.
Pursuant to the terms of the Convertible Bond agreement a total of 15,172,320 new Ordinary Shares will be issued in settlement of this Quarterly Repayment.
Application has been made to AIM for the admission to trading of the 15,172,320 new Ordinary Shares, which is also expected on 21 June 2023 (together with the Second Fundraise Admission, the "Admissions").
After settlement of the Quarterly Repayment, the principal remaining under the Convertible Bond will be reduced by US$2.45 million to US$34.30 million.
Total Voting Rights
Immediately following the Admissions, the Company's issued share capital will be 907,206,399 Ordinary Shares, with each share carrying the right to one vote. The Company does not hold any Ordinary Shares in treasury. The total voting rights figure immediately following the Admissions of 907,206,399 may be used by shareholders (and others with notification obligations) as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, the
Company under the Disclosure Guidance and Transparency Rules.
All defined and capitalised terms have the same meaning as set out in the
Company's announc
Shenners
The MC is given by Yahoo Finance. Today £3.728.
To clarify the issue: How many shares are in Issue?
Some days ago the MC was about £2.6m. It is today listed at £4.4m. How come?? Would appreciate an explanation.
Thanks.
The most recent audited accounts show total impairments of £51 million for 2022. Are these losses fully chargeable against future profits? If yes, then corporation tax does not become an issue for some time. A significant plus?
Much deserved criticism is being levelled at the company by this forum. But surely the known errors and mismanagement was due to people no longer with the company. The new team deserves the chance to profitably exploit the company’s current assets. Dougie Scott, and Rupert Newell, in particular, are impressive managers.
Interesting references to this in RNS…… first time I believe?? Obviously trying to distance themselves from previous poor decisions. Is this reasonable? Do we have a better team now? Would like the view of our long-standing shareholders. Thanks.
Mole,
can IOG continue to make £80 m p.a. Without A1 and A2. Is Blythe currently the only/main source of revenue/turnover? Trying to understand this. Thanks.
Please advise on the breakdown of last years £80m revenue ie which well(s) areas etc. Was Blythe contributing, notwithstanding waiting for regulatory approval. Thanks.
While holding these shares for 10 months, I wrote to the company 9 times. I NEVER received a response. Recently I merely asked for acknowledgement of my mails. Even this was denied. I finally decided that something sinister is going on within this company, and sadly(but sensibly) liquidated my complete holding. I anticipate that a formal investigation of the company is likely.
JTD, Who is IFL?
The principal external contact is FTI. Matt Dixon is the lead here and he responds to queries. Panmure and Cenkos are also charged with taking investor queries but are unresponsive.
The share price action is now serious (hasn’t it always been). The break below 20 on high volume looks very damaging. As the company never responds to shareholders, I recommend everyone concerned should write to FTI, and Cenkos and Panmure asking for some « guidance » and information.
The price action here is unprecedented and confounding. Since the placing over 20 million shares have traded, and all sales have been at a loss for the holders. The recent announcement of a major alliance has not stemmed the tide, and sellers continue to pile up losses. No regard for this company to continue successfully as a Going Concern is being allowed. Why?? Complete disregard for shareholders and epic poor communications cannot alone explain this catastrophy. The pre and post placement valuation remains at £20m. Also unprecedented. Given the history-making price action, how can we now reasonably expect the company’s valuation to respond to positive trading news?? My natural optimism has never, ever been tested at this level.
What is driving this decline in a strong market? Increased input costs? Fear of new Lockdown? Both? Certainly disappointing and worrying.
Nice purchase eye22 ! Do you have any special insight that you could share with us?
Thanks, Pokerchips.
Pokerchips, Mea Culpa! Did not see the link. Does the company have an Investor Relations contact? (Or have I missed that also?!)
Ps bigsmoke, the name suits! Some good manners would help…….
Long term investors here will have poured over the company’s website. You will have noticed that it is 100% customer-facing. There is NO reference to Investor Relations. There is NO shareholder contact. This is stunning for a company that is co-lead by two Stanford MBAs. The dramatic plunge in the share price is, to some large extent, due to this investor insensitivity.
I am convinced that new Investors will also shy-away due to this careless omission. Unless and until management demonstrate investor sensitivity and investor care, we are doomed to stagnation (at best) and PERMANENT loss.
Excellent contribution jointhedots. Bravo!