1st Nov 2005 07:01
Global Energy Development PLC01 November 2005 This announcement is not for release, publication, or distribution in or into the United States Immediate Release 1 November 2005 GLOBAL ENERGY DEVELOPMENT PLC ISSUE OF US$12.5 MILLION OF CONVERTIBLE NOTES Global Energy Development PLC ("Global" or the "Company"), the Latin Americafocused petroleum exploration and production company (LSE-AIM: "GED"), ispleased to announce it has raised US$12,500,000 through the issue of unsecuredvariable coupon convertible notes due 30 October 2012 ("Notes") to a Swiss-basedfund manager. The Notes, with an annual coupon of 5% for the first three years, 6% fromOctober 2008 to October 2010 and 7% thereafter payable quarterly in arrear, areconvertible into ordinary shares of 1p each in the Company at 305.8p perordinary share, representing a premium of 10% to the closing mid-market price on28 October 2005, this being the last trading day prior to the delivery of theNotes. If not converted or previously redeemed the Notes will be redeemed attheir principal amount on 30 October 2012. Commenting, Stephen Voss, Global's Managing Director, said: "The Company has significantly enlarged its acreage position and prospects overthe past year and expects to supplement the current 5.1 million acres evenfurther over the coming months. The Company even now holds a number ofexploratory projects that the management consider to have high potential and assuch are accelerating the drilling programmes associated with them. The purposeof issuing the Notes is to provide the Company with additional immediate fundsthat can supplement the current cashflow from production and be specificallydedicated towards rig contracting and building up inventory, as well as generalcorporate use, thereby allowing greater visibility over drilling schedules." For further information: Global Energy Development PLCCatherine Miles, director of Investor Relations +44 (0) 20 7763 7177www.globalenergyplc.com +44 (0) 7909918034 Notes to Editors: Global currently holds approximately 5.1 million acres through six contracts inColombia and Peru, an exclusive Technical Evaluation Agreement ("TEA") inColombia and a concluded exclusive TEA in Panama which is in the process ofbeing converted into an exclusive contract. As at 31 December 2004, Global hadindependently reported proved and probable reserves totalling 16.5 million BOE. This announcement does not constitute, or form part of, an offer or solicitationof an offer, to purchase or subscribe for, underwrite or otherwise acquire, anyrights, shares or other securities. Members of the general public are noteligible to take part in the securities offering. The securities are not andwill not be offered other than to persons who trade or invest in securities inthe conduct of their profession or trade (which includes banks, securitiesintermediaries (including dealers and brokers), insurance companies, pensionfunds, other institutional investors and commercial enterprises which as anancillary activity regularly invest in securities). In the United Kingdom thisannouncement is directed exclusively at (a) persons who have professionalexperience in matters relating to investments who fall within article 19(5)(investment professionals) of the Financial Services and Markets Act 2000(Financial Promotion) Order 2005 ) ("the Order") or (b) are persons fallingwithin article 49(2)(a) to (d) (high net worth companies, unincorporatedassociations etc) of the Order or (c) other persons to whom it may be lawfullydirected (all such persons together being referred to as "Relevant Persons").This announcement must not be acted on or relied on by persons who are notRelevant Persons. Any investment or investment activity to which thiscommunication relates is available only to Relevant Persons and will be engagedin only with Relevant Persons. The information contained in this announcement is not an offer of securities forsale or a solicitation of an offer to purchase securities in the United States.The securities have not been, nor will they be, registered under the UnitedStates Securities Act of 1933, as amended (the "Securities Act"), or with anysecurities regulatory authority of any state or other jurisdiction of the UnitedStates and may not be offered, sold or delivered within the United States or toUS persons (as defined in Regulation S) except pursuant to an exemption from, orin a transaction not subject to, the registration requirements of the SecuritiesAct and applicable state securities laws. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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