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Statement re Investment

17 Jun 2008 07:00

RNS Number : 7967W
Parkmead Group (The) PLC
17 June 2008
 

Tuesday, 17 June, 2008

THE PARKMEAD GROUP PLC ("Parkmead" or the "Group")

Participation in debenture financing for Transeuro Energy Corporation ("TSU")

Parkmead today announces that it has invested $1.25 million Canadian Dollars in the recent debenture financing for TSUthe oil & gas exploration company with assets in UkraineCanadaand Papua New Guinea, and which is dual listed on the Oslo Axess and Toronto stock exchanges.

The debenture will carry an interest rate of 12% per annum, payable semi-annually in arrears. 

The principal amount of the debenture, plus accrued interest, may be convertible into common shares at the election of Parkmead at any time following the date that is six months from the closing date up until the maturity date at a conversion price of 25 cents. TSU will have the right to repay the principal amount of the debenture, plus accrued interest, at any time without penalty or charge.

Parkmead will also receive 5.0 million warrants. Each warrant is exercisable for a period of eighteen months into a common share of TSU at an exercise price equal to 25 cents.

Commenting on the investment, Niall Doran, Chief Executive of the Group, said:

"We are very pleased to have invested in TSU. The company has an exciting portfolio of assets, 

some of which have the potential to transform the fortunes of the company. This investment is another step forward in our strategy of investing in energy based assetsWe have a strong management team with in-depth expertise in the global energy industry and we are continuing to work on a range of investment opportunities covering exploration and production."

For further information:

The Parkmead Group plc
020 7494 5770
Niall Doran CEO
 
Gordon Ashworth, CFO
 
 
 
Madano Partnership
0207 593 4000
Matthew Moth / Mark Way
 
 
 
Charles Stanley Securities (Nominated Adviser)
0207 149 6482
Rick Thompson / Carl Holmes
 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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