The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksFrontera Resources Regulatory News (FRR)

  • There is currently no data for FRR

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Restructuring of Company Debt

29 Dec 2016 07:00

RNS Number : 9026S
Frontera Resources Corporation
29 December 2016
 

FRONTERA RESOURCES CORPORATION

 

Houston, Texas, U.S.A. - 29 December 2016

 

RESTRUCTURING OF COMPANY DEBT

 

Frontera Resources Corporation (AIM: FRR), an independent oil and gas exploration and production company ("Frontera" or the "Company"), is pleased to announce that, further to the announcement of 25 July 2016, it has restructured the 10% notes (the "Old Notes") issued by Frontera Resources Holdings LLC ("FRH"), a wholly-owned subsidiary of the Company, on 1 August 2011. This restructuring has been effected by exchanging the Old Notes which had maturity date of 1 August 2016, to new notes ("New Notes") which have maturity date of 1 August 2020. The New Notes are issued by Frontera International Corporation, a fully-owned subsidiary of the Company, and bear interest rate of 10 per cent. if paid in cash or 12 per cent. if paid in-kind with additional notes at the Company's election. The New Notes, which are not convertible into ordinary shares of the Company, are secured and, in aggregate, have a face value of $30,063,276 and an effective date of 1 August 2016. Other than the terms described above, the terms of the New Notes remain materially unchanged as previously announced. In furtherance of the restructuring, all previously announced legal proceedings related to the Old Notes will now be dismissed.

 

Steve C. Nicandros, a director of the Company, held a minority interest in the Old Notes and therefore the exchange of these notes for New Notes is considered to be a related party transaction pursuant to AIM Rule 13. The independent directors of the Company, having consulted with the Company's nominated adviser, Cairn Financial Advisers LLP, consider the terms of the loan notes to be fair and reasonable insofar as shareholders are concerned.

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

Steve C. Nicandros, Chairman and Chief Executive Officer commented:

 

"We are very pleased to have successfully concluded this important restructuring of the Company's debt. Moreover, we greatly appreciate the support of our bond holders as we now look to the future with a common goal of continuing to advance towards realizing the significant value that has been identified from our historical investments."

 

Enquiries:

 

Frontera Resources Corporation

Jesse Jefferies

+1 (713) 585-3216

info@fronteraresources.com

 

Financial PR/IR:

Abchurch

George Robinson / Rebecca Clube

+44 (0) 20 7398 7700

fronterainfo@abchurch-group.com

 

Nominated Adviser

Cairn Financial Advisers LLP

Jo Turner/ Liam Murray

+44 (0) 20 7213 0880

 

Broker

Cornhill Capital Limited

Nick Bealer

+44 (0) 207 710 9610

 

Notes to Editors:

 

Frontera Resources Corporation is an independent Houston, Texas, U.S.A.-based international oil and gas exploration and production company whose strategy is to identify opportunities and operate in emerging markets in Eastern Europe around the Black Sea. Frontera Resources Corporation shares are traded on the London Stock Exchange, AIM Market - Symbol: FRR. For more information, please visit www.fronteraresources.com.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCMMMZZZRFGVZZ
Date   Source Headline
16th Jul 20087:00 amRNSOption Grant
14th Jul 20083:42 pmRNSDirector Purchases Shares-Rep
14th Jul 20087:00 amRNSDirector Purchases Shares
11th Jul 20084:46 pmRNSOption Grant
10th Jul 20084:24 pmRNSDirector Purchases Shares
10th Jul 20087:00 amRNSIssuance of New Shares
4th Jul 20087:00 amRNSPrivate Placement of Converti
23rd Jun 20087:00 amRNSIssuance of New Shares
13th Jun 20087:00 amRNSIssuance of New Shares
5th Jun 20087:00 amRNSIssuance of New Shares
5th Jun 20087:00 amRNSIssuance of New Shares
3rd Jun 20087:00 amRNSIssuance of New Shares
29th May 20087:00 amRNSIssuance of New Shares
22nd May 20087:00 amRNSOperations Update, Taribani F
16th May 20087:00 amRNS1st Quarter Results
8th May 20087:01 amRNSOperations Update
7th May 20087:01 amRNSOperations Update
6th May 20087:02 amRNS2007 Annual Report & Meeting
1st May 20087:01 amRNSOperations Update
25th Apr 20084:10 pmRNSISSUANCE OF NEW SHARES
8th Apr 20087:01 amRNSOperations Update
1st Apr 20087:01 amRNS2007 Annual Results
27th Mar 20083:12 pmRNSIssuance of New Shares
27th Mar 20087:00 amRNSNote Conversion
20th Mar 20087:00 amRNSOperations Update
19th Feb 20087:01 amRNSOperations Update
12th Feb 20087:01 amRNSListing on OTCQX Market
31st Jan 20087:01 amRNSNote Conversion
21st Dec 20077:01 amRNSOperations Update
18th Dec 20077:02 amRNSOperations Update, Basin Edge
18th Dec 20077:02 amRNSOperations Update
7th Dec 20077:01 amRNSStatement re Securities Info
27th Nov 20073:00 pmRNSOperations Update
20th Nov 20077:00 amRNSHolding(s) in Company
15th Nov 20077:03 amRNSThird Quarter Results
12th Nov 20077:01 amRNSOperations Update
29th Oct 20077:01 amRNSDir. Purchases Shares-Replace
24th Oct 20077:01 amRNSDirector Purchases Shares
19th Oct 20077:01 amRNSDirector Purchases Shares
17th Oct 20077:01 amRNSOption Grant
12th Oct 20077:01 amRNSQuotation on Pink Sheets
11th Oct 20077:00 amRNSOperations Update
5th Oct 20077:00 amRNSExercise of Options
3rd Oct 20077:00 amRNSOption Grant
1st Oct 20077:02 amRNSDirector Purchases Shares
26th Sep 20077:02 amRNSInterim Results
18th Sep 20077:02 amRNSOperations Update
31st Aug 20077:01 amRNSOperations Update
31st Aug 20077:01 amRNSOperations Update
20th Aug 20077:02 amRNSAIM Rule 26

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

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

Quickpicks are a member only feature

Login to your account

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