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TXO PLC (TXO)

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Monday 13 October, 2014

TXO PLC

TOG Convertible Loan

RNS Number : 1665U
TXO PLC
13 October 2014
 

TXO PLC
("TXO" or the "Company")


Amendments to terms of TOG Convertible Loan

TXO, the AIM-quoted energy resource and clean technology investment company, announces that the repayment date of the Tasmania Oil and Gas Limited ("TOG") Convertible Unsecured Loan owned by TXO plc ("the TOG CUL") has been extended by 12 months to 13th October 2015. The total amount of loan outstanding as at 13th October 2014 is £226,305, including interest.

The Company has a 25 per cent. non-core interest in TOG. Following discussions with the Board of TOG, whose directors are Christopher Foster and Geoffrey Harris, respectively a TXO Non-Executive Director and the Company Secretary of TXO, the Company has also decided that it will not convert the TOG CUL into TOG shares at this time.

TOG has agreed, in consideration of the extension of the repayment date of the TOG CUL, to (i) increase the annual interest rate payable on the TOG CUL to 15% per annum from 14th October 2014 and (ii) to grant TXO the right to exchange the TOG CUL in whole or in part (including interest accrued) for shares of Alpha Prospects Plc at any time at 2.5p per Alpha Prospects share.

Alpha Prospects Plc is an investment company listed on the GXG First Quote Market. Christopher Foster is the Chief Executive of Alpha Prospects.

The above amendments to the terms of the TOG CUL are deemed to be a related party transaction under the AIM Rules for Companies.  The Directors of TXO, other than Christopher Foster, having consulted with Northland Capital Partners Limited, the Company's Nominated Adviser, consider that the terms of the amendments to the terms of the TOG CUL are fair and reasonable insofar as the shareholders of the Company are concerned.

 

13th October 2014

For further information, please contact:

 

TXO PLC
Tim Baldwin, Chairman                                     +44 (0) 207 518 4300

 

Northland Capital Partners Limited                +44 (0) 207 382 1100
John Howes / Alice Lane

Sales and Broking

 

Edward Hutton / William Vandyk

Nominated Adviser

 

Lothbury Financial Services Limited
Michael Padley / Chris Roberts                       +44 (0) 203 440 7620

 

Editors' Note

TXO PLC, the AIM quoted oil and gas investment company, has four main investments namely: The Grand Bahama Group Limited ("GBG") which is establishing a waste oil collection facility and Hydrocarbon Recovery Plant in the Bahamas at Freeport and also produces oil from its leases in Western Kentucky, USA; Oil Recovery Services Limited ("ORS"), which has proprietary technology for the reprocessing of contaminated oils and the remediation of dirty water; Oil Tech Royalties Inc ("OTR"), a joint venture company with a licence to commercialise a proprietary acoustic flow reactor valve; Athabasca Resources Limited ("Athabasca Resources") which has signed an agreement to acquire a 50 per cent. farm-in interest in certain Alberta Crown Leases covering 7,936 hectares in the Athabasca oil sands in Alberta, Canada.  TXO also has an interest in Tasmania Oil and Gas Limited ("TOG") a joint venture company set-up to exploit a gas and oil opportunity in Tasmania, Australia, which is non-core.

TXO currently holds a 35.67 per cent. interest in GBG, a 25.1 per cent. interest in ORS, a 30 per cent. interest in OTR  and an 18.8 per cent. interest in Athabasca Resources. It retains a 25 per cent. interest in TOG.           

Ends


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