Business
Update on Financing and Board Change
Update on Financing and Board Change.
About this update from Angus Energy Plc
[{"type":"text","content":"\n\nTHE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n14 July 2023\n \nAngus Energy Plc\n(\"Angus Energy\", the \"Company\" or together with its subsidiaries, the \"Group\")\n(AIM:ANGS)\n \nUpdate on Bridge Financing, Hedge Management and Board Change\n· £6m debt facility agreed in principle and waivers obtained\n· Potential £20m Global Refinancing\n· Discussion under way for future refinance of the senior and junior debt\n· Forward hedges to be partially unwound to allow exposure to higher gas prices\n· Board Change\n· Progress on commercialisation of the gas storage at Saltfleetby\n \n£6.0 million Bridge Facility\nFurther to the announcements of 30 June and 10 July 2023, Angus is pleased to confirm that it has now agreed the detailed terms for the proposed GBP 6 million junior debt facility (the \"£6m Bridge Facility\") and has received approval from the lenders under the Company's senior secured loan facility to proceed. The Company has now to execute the final documentation after which it will proceed to completion and drawdown.\nAs identified in the Company's Interim Results announced on 30 June 2023, the Company is required to make a payment due under the derivative instrument of approximately £3.5million by 20 July 2023 for financial hedges not settled in July and August 2022 due to late start-up of gas production at the Saltfleetby Field. This £6m Bridge Facility will meet this obligation as well as providing funds for existing and proposed capital, general working capital and operating expenditures around the temporary and permanent flowlines at Saltfleetby. \nThe £6m Bridge Facility has been arranged by Aleph Commodities Limited (\"Aleph\") and the ultimate providers are a range of private family office investors introduced by Aleph, many of whom were providers to the Company's 2021 Senior Loan Fac...