14th Oct 2013 07:44
LONDON (Alliance News) - Sacoil Holdings Ltd shares fell sharply Monday after it restarted trading on AIM, having said Friday that it was in talks to restructure its debt and securing new loans.
The company Friday said is in discussions with Energy Equity Resources Limited (EERNL) to agree a repayment schedule for a loan it received, and it plans to convert its Gairloch Ltd debt to equity and to recapitalise the company "within a reasonable period of time."
It said it remains confident that it will have the funds necessary to continue to trade as a going concern up to the receipt of funds from a proposed rights offer.
Sacoil shares were down 15.5% at 1.5 pence early Monday, one of the biggest declines on AIM.
By Steve McGrath; [email protected]; @SteveMcGrath1
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