25th Feb 2022 14:58
Ncondezi Energy Ltd - Mozambique-based power development company - Says that it currently has USD300,000 outstanding on its USD750,000 working capital facility term loan with Seritza Ltd. Ncondezi says it has sufficient cash to repay the loan and will remain funded until the end of the first half of 2022.
The company adds it is in "positive" restructuring discussions with Seritza, including the potential for a maturity extension and potential non-cash settlement solutions. The loan matured on Thursday. Seritza confirms it will not call in the loan for 30 days while restructuring is being finalised. Ncondezi plans to submit a loan restructuring proposal by March 4.
Current stock price: 0.80 pence, down 20% in London on Friday
12-month change: down 83%
By Heather Rydings; [email protected]
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