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Nautilus Marine Serv (NAUT)

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Friday 03 August, 2018

Nautilus Marine Serv

AMENDMENT OF EVEREST HILL NOTE RECEIVABLE

RNS Number : 6927W
Nautilus Marine Services PLC
03 August 2018
 

 

 

For Immediate Release

3 August 2018

 

 

NAUTILUS MARINE SERVICES PLC

("Nautilus" or the "Company")

  

AMENDMENT OF EVEREST HILL NOTE RECEIVABLE

 

Nautilus Marine Services PLC (AIM: NAUT), announces that it amended the $4 million secured note agreement ("Amended Note Receivable") with Everest Hill Group Ltd. ("Everest") on 2 August 2018 to extend the maturity date from 15 September 2018 to 30 April 2019 and to also grant the Company the right to call for repayment of $2 million of the principal balance with 30 days' notice.  The Amended Note Receivable continues to be subject to an interest charge of 8 per cent. per annum, is payable quarterly in arrears and is secured by a charge over Everest's and its affiliates' shareholdings in HKN, Inc., which is a substantial shareholder in the Company. 

 

Everest is an affiliated company of the Quasha family trusts which also have an interest in Lyford Investments Enterprises, Ltd., ("Lyford") an existing shareholder in the Company.  HKN, Inc., Lyford and parties acting in concert with them (the "Concert Party") are interested in 22,567,016 Nautilus shares, representing approximately 62.49 per cent of the issued share capital of the Company. 

 

By virtue of these holdings, the execution of the Amended Note Receivable constitutes a related party transaction in accordance with AIM Rule 13.  The Company's Independent Directors (being all of them save Mikel Faulkner, who is a member of the Concert Party) consider, having consulted with finnCap Ltd, the Company's Nominated Adviser, that the terms of the Amended Note Receivable are fair and reasonable insofar as the Company's shareholders are concerned. 

 

 

Enquiries:

Nautilus Marine Services PLC


[email protected]nmsplc.com


www.nautilusmarineplc.com




finnCap Ltd


Christopher Raggett/ Kate Bannatyne

020 7220 0500





Yellow Jersey


Tim Thompson/ Henry Wilkinson

+44 (0) 7710 718 649

 

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.


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