4th Jan 2016 08:12
LONDON (Alliance News) - Trinity Exploration and Production PLC Monday said Chief Financial Officer Bryan Ramsumair has resigned as the company continues to adjust its cost structure to make the business more economical.
Jeremy Bridglalsingh, who has held the roles of financial controller and corporate development manager at Trinity over the last four years, will take up the CFO role, which is not currently an executive position.
Trinity said Bridglalsingh had been an "integral part" of the company's strategic review which has been ongoing for a number of months. The company currently has USD13.0 million of outstanding debt but has been supported by its lender which has awarded numerous extensions to allow the company to complete its review.
On Monday, Trinity secured at least its fifteenth extension from its lender Citibank, which has now agreed to extend the moratorium on principal repayments related to the debt until January 8.
Reiterating a statement in late 2014, Trinity said: "Discussions are ongoing with the lender to secure a further extension of its credit facilities and management expect for there to be continued support, particularly following the announcement of the sale of substantially all of Trinity's onshore assets for USD20.8 million."
The company also said it plans to realise further cash cost reductions in 2016.
Trinity shares were trading down 3.6% to 4.22 pence per share on Monday morning.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Trinity