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G3 Exploration says it's experienced no disruption from coronavirus, refinance effort continues

“The group activities are ongoing without interruption," said chair Randeep Grewal

G3 Exploration Ltd - G3 Exploration experienced no interruption by corona virus, refinance effort continues

G3 Exploration Ltd (LON:G3E) chairman Randeep Grewal has told investors that the China-headquartered company’s operations are continuing without any interruption related to the coronavirus.

"I am happy to report, no employee has been infected by the coronavirus till date and we expect to maintain prudence to avoid exposure until the virus is contained,” Grewal said in a statement.

“The group activities are ongoing without interruption," he added.

G3 - which explores for and develops coal bed methane gas (CBM) projects - also used the statement to update investors on its anticipated restructuring.

It noted that, in December, the Grand Court of the Cayman Island issued an order for joint provisional liquidators (JPLs) - independent officers of the court – to “broadly preserve and protect” the company's assets and seek opportunities to restructure or refinance the company.

The JLPs have now subsequently filed reports over a potential restructuring and scheduled another report for March. By which time, they expect to have a signed term sheet for a refinancing.

Quick facts: G3 Exploration Ltd

Price: 9.7 GBX

LSE:G3E
Market: LSE
Market Cap: £15.14 m
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Morning Report: G3 Exploration survives to fight another day

Headlines from the Proactive UK newsroom. China focused gas group G3 Exploration (LON:G3E) has received a stay of execution from the Grand Cayman Court. Joint Provisional Liquidators have been appointed and will work with the board and management to develop a re-structuring plan. Rockfire...

on 12/12/19

2 min read