RE: Proger and how big the company is22 Mar 2021 09:47
Cadogan Petroleum plc (“Cadogan”), an independent, diversified oil & gas company listed on the Main Market of the London Stock Exchange, is pleased to announce that its wholly owned subsidiary Cadogan Petroleum Holdings BV (“CPHBV”) has entered into a Euro 13,385,000 loan agreement with Proger Managers & Partners Srl (“PMP”), a privately owned Italian company whose only interest is a 59.6% participation in Proger Ingegneria Srl (“Proger Ingegneria”), a privately owned company which has a 67.9% participating interest in Proger spa (“Proger”). The loan carries an entitlement to interest at a rate of 5.5% per year, payable at maturity (which is 24 months after the execution date and assuming that the call option described below is not exercised). The principal of the loan is secured by a pledge on PMP’s current participating interest in Proger Ingegneria Srl, up to a maximum guaranteed amount of Euro 13,385,000.
this was from a few years back. Proger Managers & Partners Srl (“PMP”) is in default. Proger Managers & Partners Srl (“PMP”) in turn own 59.6% of Proger Ingegneria Srl (“Proger Ingegneria”) who in turn own 67.9% participating interest in Proger spa (“Proger”). I guess Cadogan could likely take control of Proger Managers & Partners Srl (“PMP”) , if so then they will control Proger Ingegneria Srl (“Proger Ingegneria”) as CAD can exercise control of 59.6% of the voting rights of Proger Ingegneria Srl (“Proger Ingegneria”). They will therefore control the voting rights of 67.9% of the voting rights of Proger spa (“Proger”).
CAD has quite good leverage in this situation...
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