1st Apr 2015 13:25
LONDON (Alliance News) - Teathers Financial PLC said Wednesday that it has agreed to subscribe for 3.33 million new shares in Kentucky Oil and Gas PLC at a price of 4.5 pence each for a 4% share in the company.
The company had previously lent Kentucky Oil and Gas GBP100,000 through a convertible loan note that matures Thursday. It has agreed to convert this loan note into 2.22 million shares at the same price, a further 2.69% interest in the company, taking its overall interest in the company to 6.69%.
"As shareholders Teathers are able to directly benefit in any progress made by KOG. KOG has informed us that it is progressing with its exploration programme and we therefore look forward to reporting further updates on our investment in KOG in due course," said Chairman Jason Drummond in a statement.
Shares in Teathers are trading down 6.2% at 5.34 pence Wednesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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