22nd Mar 2021 11:37
Cadogan Petroleum PLC - oil & gas company that operates exploration & production licenses in western Ukraine - Reports that despite an additional three-week extension given to Proger Managers & Partners srl to comply with their duties for the reimbursement of the loan, the company has not received repayment of the loan. Says it will "engage all the necessary legal actions to protect the interests of the company" and its stakeholders via "the competent authorities".
In early March, Cadogan agreed, at the request of Proger, to postpone a loan reimbursement until last Friday. Cadogan holds about 22% interest in Proger. As at February 25, being the maturity date, Cadogan said the reimbursement due was EUR14.9 million, including the interest accrued.
Cadogan provided Proger's parent company with a EUR13.4 million loan in February 2019 to subscribe to a capital increase in Proger, a Rome-based engineering company. The agreement also provided an option to convert the loan into an anticipated indirect 22% equity interest in Proger, but Cadogan did not exercise this option prior to the loan maturity date.
Current stock price: 3.96 pence; down 19% on Monday
Year-to-date change: up 35%
By Greg Roxburgh; [email protected]
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