28th Mar 2014 15:35
LONDON (Alliance News) - Maple Energy PLC said Friday that it is continuing a short term financing alternative to improve the position of its struggling ethanol business unit, although it warned it cannot guarantee an alternative will be reached at all.
It is evaluating certain international strategic partners or investors, and in the first quarter of 2014 has retained Latin American financial institution Itau BBA and Peruvian bank Interbank to assist it.
It is progressing its discussions, however, it warned that "there can be no guarantees that a transaction with a strategic or financial investor may be reached on terms acceptable to the company, or at all."
In February the company warned that its full-year results for 2013 will be below expectations due to lower ethanol production and prices.
The independent energy company warned that there had been a sharp decline in ethanol prices in recent months, which is not only hurting its 2014 results but its available working capital.
Shares in Maple last traded flat at 16.5 pence Friday afternoon.
By Hana Stewart-Smith; [email protected]; @hanassallnews
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