Statement re Investment

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 TSU, the oil & gas exploration company with assets in Ukraine, Canada, and 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 assets. We 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

 

END

 

 

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