Further to its press release of 14 November, the Company has to date not
received funds to pay the USD $5.11M Bonds coupon following its drawdown
requests from the convertible loan facilities totalling USD 62.5M from Sapinda
Invest Sarl and Sapinda Asia Limited ("Loans"). The Company has been informed
that Sapinda is undertaking a fundraising exercise from which the Company
expects funds to enable it to pay the coupon; however, the Company cannot
provide certainty at this time.
By way of update on the Loans, since 14 November a further USD 957,600 was
provided in three instalments meaning a total of USD 3,590,880 has now been
received since 30 June 2016. The amounts received did not match the timing or
quantum requested by the Company, and further funds will continue to be
required for the Company to have sufficient liquidity to enable it to continue
to trade. However, currently the Company expects it will be able to draw
sufficient further funds for a period of time whilst the bond potential
default is addressed.
To the Company's knowledge no further action has occurred, or notice been
received, regarding the Sequa Petroleum N.V. USD 300,000,000 5.00 per cent
Convertible Bonds due 2020 (of which USD 204,400,000 in principal amount
remain outstanding) (ISIN: XS1220076779) issued by the Company in April 2015
("Bonds").
The Company will provide further updates when available.
Contacts:
Jacob Broekhuijsen, Chief Executive Officer
+44(0)203-728-4450 or info@sequa-petroleum.com
This is a disclosure announcement from PR Newswire.