26 Apr 2017 09:45
Andalas Energy and Power Plc - Extension of Term of Loan noteAndalas Energy and Power Plc - Extension of Term of Loan note
PR Newswire
London, April 26
26 April 2017
Andalas Energy and Power Plc
(‘Andalas’, or the ‘Company’)
Extension of Term of Loan note
Andalas Energy and Power Plc (AIM: ADL) is pleased to announce an update on its zero coupon loan note (‘the Loan Note’) issued to Sandabel Capital L.P (‘Sandabel’).
Sandabel has agreed to extend the Maturity Date of the £500,000 Loan Note to 28 July 2017 (“the Maturity Date”). The fee associated with the extension is £50,000, which will be repaid alongside the £500,000 loan note on or before the maturity date. The loan note only becomes convertible into equity in the event that the Loan Note is not repaid by the Maturity Date. All other terms of the Loan Note (announced on 1 February 2017) remain unchanged.
Dave Whitby, CEO of Andalas, said, “We thank Sandabel for their continued support in extending the loan note. We are making important progress with Pertamina and in seeking strategic partners who can bring complementary skills and resources to progress our strategy.”
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR). Upon the publication of this announcement via a Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.
**ENDS**
For further information, please contact:
| David Whitby | Andalas Energy and Power Plc | Tel: +62 21 2783 2316 |
| Sarah Wharry Craig Francis | Cantor Fitzgerald Europe (Nominated Adviser and Joint Broker) | Tel: +44 20 7894 7000 |
| Jon Belliss | Beaufort Securities Limited (Joint Broker) | Tel: +44 20 7382 8415 |
| Frank Buhagiar Susie Geliher | St Brides Partners Limited | Tel: +44 20 7236 1177 |