Angus Energy raises £1.4m from convertible loan note

Mon, 20th Apr 2020

Oil company Angus Energy said it had issued a £1.4m convertible loan note to significant shareholder Knowe Properties. The 4% loan note was unsecured and convertible at maturity after two years at the lower of either £0.01, or the lowest price of a share issue with an aggregate subscription amount of £0.25m. 'Due to Covid-19 we face an unprecedented situation which makes a variable price and freely convertible instrument exceptionally difficult for the market to price,' chief executive George Lucan said. 'For the moment, we are very pleased to have secured £1.4m of new core capital for the company at a time when few can have confidence that equity capital markets will be open for fundraising for the foreseeable future.' At 1:30pm: (LON:ANGS) Angus Energy Plc share price was +0.13p at 0.63p Story provided by

FTSE 100 Latest