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2 Jan 2013 08:52
2 January 2013
Jubilant Energy N.V.
("Jubilant" or "the Company")
Funding Agreement Signed
Jubilant is pleased to announce that on 31st December, 2012 it entered into a funding agreement with two Jubilant Bhartia Group companies*. These agreements allow for borrowing of up to USD 22 million in aggregate, for a period of three years and will be structured as unsecured loans (the "Loans").The Loans, comprising INR 650 million (c. USD12 million) and USD10 million bear interest at a rate of 15% p.a. and 6 months USD LIBOR plus 3% p.a., respectively. These funds will be applied to funding operating activities and general capital of the Company.
The issues of the Loans are deemed to be a related party transaction pursuant to AIM Rule 13.The Independent Directors of the Company, having consulted with its nominated adviser, consider that the terms of the Loans are fair and reasonable insofar as its shareholders are concerned.
\* The two Jubilant Bhartia Group Companies are, directly or indirectly, owned and controlled by Mr S S Bhartia who is Non Executive Director and Chairman and Mr H S Bhartia who is Non Executive Director and Co-Chairman of Jubilant and are its substantial shareholders, holding approximately 84.02% of the voting rights of the Company in aggregate.
Enquiries:
Jubilant Energy | Ajay Khandelwal, Vipul Agarwal | +91 120 4025700 |
Panmure Gordon | Katherine Roe, Adam James | +44 20 7886 2500 |
Deutsche Bank | RajatKatyal, Drew Price | +44 20 7547 8000 |
College Hill | Matthew Tyler, Alexandra Roper | +44 20 7457 2020 |
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