Cadogan Petroleum Plc - Proger Update
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(“Cadogan” or the “Company”)
Proger’s financial results for 2018
(“Cadogan”), an independent, diversified oil & gas company listed on the main market of the is pleased to report that Proger’s 2018 full year financial results confirm strong growth. EBITDA saw a 24% year-on-year increase, to €11.3 million and pre-tax profit increased to €6.1 million, a nearly 4% year-on-year increase, notwithstanding a €1.5 million of contributions to reserves.
Cadogan provided Proger’s parent company with a €13.4m loan in to subscribe a capital increase in Proger. Proger is an international, based, engineering company which offers services in a range of fields, including oil & gas. The agreement also provided an option to convert the loan into an anticipated indirect 22% equity interest in Proger, via a capital increase. The option offers Cadogan’s shareholders exposure to Proger’s growth, in addition to income, synergies and diversification, in-line with Cadogan’s strategy.
Following the capital increase taking place, Cadogan’s indirect interest in Proger is now anticipated to increase to ca. 25% and the 2018 financial results would increase the value of Cadogan’s indirect participating interest, should the Company’s shareholders approve the exercise of the conversion option.
The loan, which was executed in , carries an interest of 5.5% per year. The funds from the loan are being used by Proger to finance their business plan, which is targeting a material increase in EBITDA over the next 5 years.
Proger’s financial results for 2018 were approved by its shareholders on , having first been audited by . The results will now be filed at the , from where they can be downloaded.
, CEO, commented:
“Proger’s 2018 results confirm that the convertible loan agreement offers exposure to realizable growth at a balanced level of risk to Cadogan shareholders; it also diversifies Cadogan’s portfolio, which is a key pillar of our strategy. We look forward to a positive 2019, with Proger delivering on its business plan, using the financial resources made available to them at the beginning of this year”.
is an independent, diversified oil and gas company, which operates exploration and production licenses in , conducts gas trading operations, and provides services to E&P companies.About
is a -based, international company that offers state of the art engineering and management expertise in a broad range of fields, spanning from oil & gas, to renewable energy, infrastructure and security. Proger has amongst its shareholders SIMEST, the company of the Cassa Depositi e that specializes in supporting Italian companies which want to grow on the global market.Proger
The was executed in February this year, has a principal of €13,385,000, is secured and carries an interest of 5.5% per year, payable at maturity (which is 24 months after the execution date). The loan also carries a call option to convert, at Cadogan’s sole discretion, the principal into an indirect interest in Proger; the call option can be exercised at any time between the 6th and 24th months following the execution date of the loan agreement and subject to Cadogan shareholders approving the exercise of the call. The obligation to pay interest is extinguished if the call option is exercised. For more information on the convertible loan go to .convertible loan agreementstory.aspx?cid=46&newsid=1236020http://otp.investis.com/clients/uk/cadogan-petroleum/rns/regulatory-
For further information, please contact:
Guido Michelotti Chief Executive Officer +380 (44) 594 5870
Ben Harber Company Secretary +44 0207 264 4366
Cantor Broker to
David Porter +44 (0) 20 7894 7000
Quick facts: Cadogan Petroleum Plc
Market Cap: £5.54 m
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