6 Feb 2012 07:00
For Immediate Release | 6 February 2012 |
GLOBAL ENERGY DEVELOPMENT PLC
(the "Company")
EARLY REDEMPTION OF REMAINING CONVERTIBLE DEBT OBLIGATION
Global Energy Development PLC, the Latin America focused petroleum exploitation, development and production company (LSE-AIM: "GED") is pleased to announce it has exercised the option to redeem the outstanding principal amount of its remaining Variable Coupon Convertible Notes Due 2012 (the "Notes") totaling US$9,561,000. The Notes will be redeemed for cash on 5 March 2012 (the "Redemption Date") at the principal amount of the Notes together with interest accrued up to (but excluding) the Redemption Date.
Steve Voss, Managing Director, commented, "The redemption of these notes reduces the short-term debt on our balance sheet and extinguishes all debt convertible into equity."
INVESTOR PRESENTATION AVAILABLE ON WEBSITE
The Company is also pleased to announce it has updated a presentation to its investors regarding the Company and its operations. The shareholder presentation is now available to view on the Company's website at www.globalenergyplc.com.
For further information:
Global Energy Development PLC
|
Buchanan
Tim Thompson | +44 (0)20 7466 5126 |
Ben Romney | +44 (0)20 7466 5132 |
Northland Capital Partners Limited | |
Louis Castro | +44 (0)20 7796 8800 |
Lauren Kettle