logo-loader
viewNcondezi Energy Ltd

Ncondezi Energy gets support 'in principle' for debt restructuring

Completion of the restructuring is expected by the end of the year. 

Ncondezi Energy Ltd -
Ncondezi aims to build up to a 1,800Mw coal-fired power station in Mozambique.

Ncondezi Energy Limited (LON:NCCL) has received support “in principle” for a restructuring of an outstanding US$4.3mln loan plus interest.

The restructuring involves a 12-month extension on existing terms, including 12% annual interest rate and the ability for lenders to swap debt for equity in part or in full at a conversion price of 10p per share

Ncondezi can also nominate to pay the loan off through the issue of shares at a 25% to 30% premium to the 30-day average price.

Half of the amount owed is to Ncondzei’s largest shareholder while 45% is held by the board and management.

The loan matures on 30 November and comprises US$2.1m principal and US$2.2m rolled-up interest.

Completion of the restructuring is expected by the end of the year. 

Hanno Pengilly, Ncondezi's chief executive said in a statement: “The restructuring will provide additional time to explore future refinancing options and the company has received several refinancing offers to date.

“Management is concentrating on further de-risking the 300MW Ncondezi power project over the next 3 to 6 months and the proposed restructuring will provide the team with sufficient time it needs to do that.”

Ncondezi aims to build up to a 1,800Mw coal-fired power station in Mozambique.

Quick facts: Ncondezi Energy Ltd

Price: 5.09 GBX

AIM:NCCL
Market: AIM
Market Cap: £16.54 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Ncondezi Energy Ltd named herein, including the promotion by the Company of Ncondezi Energy Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Ncondezi Energy seeing 'building momentum and support' for its flagship...

Ncondezi Energy Ltd's (LON:NCCL) Hanno Pengilly updates Proactive London's Andrew Scott following meetings held with the Inter-Ministerial Committee for China and Mozambique around the development of its 300MW power project. He says several areas have been identified to potentially speed up...

on 20/12/19

2 min read