28th Apr 2006 10:30
Gas Turbine Efficiency PLC28 April 2006 28 April 2006 Gas Turbine Efficiency plc GTE varies subscription agreement with EIG Gas Turbine Efficiency plc ("GTE" or "the Company"), a leading supplier ofadvanced high pressure gas turbine cleaning systems, announces that the Companyhas entered into an agreement with EIG Venture Capital Limited ("EIG"), theexisting major shareholder in the Company, to vary terms of the subscriptionagreement as described in the Admission Document dated 15 December 2005 pursuantto which EIG was issued with 3,333,333 partly paid ordinary shares in theCompany (the "Subscription Shares"). Under the revised terms, EIG will pay interest at the rate of 5% per annum tothe Company on all outstanding sums in respect of the Subscription Shares. Underthe previous agreement, no interest was payable by EIG. The Company has also agreed that instead of four quarterly payments of £248,333being made in respect of the Subscription Shares during 2006, EIG shall now paytwo equal installments of £496,666 plus interest on or before 30 June 2006 and31 December 2006. As previously agreed, the Company can still at any time, exercisable by noticein writing to EIG, require EIG to pay all outstanding sums and interest withinfive business days of receipt of such notice. Enquiries: Gas Turbine Efficiency plcSteven Zwolinski +46 8 546 10 500 Libertas CapitalAamir Quraishi, Charles Goodfellow + 44 20 7569 9650 Corfin CommunicationsNeil Thapar, Harry Chathli + 44 20 7929 8989 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Gran Tierra