Jan 22, 2019 PRESS RELEASES Comments Off on Sequa Petroleum N.V. Bonds and Business Development Update
As reported in press releases of Sequa Petroleum N.V. (the “Company”) (14 November 2016, 17 March, 15 May and 14 November 2017, and 15 May and 14 November 2018), a number of potential defaults have occurred with respect to the Company’s USD 300,000,000 5.00 per cent Convertible Bonds due 2020 of which USD 204,400,000 in principal amount remain outstanding (ISIN: XS1220076779, SEQ01 PRO EC) issued by the Company in April 2015 (the “Bonds”).
The Company has received documentary evidence that its main shareholder Sapinda Holding B.V. together with affiliates (“Sapinda”) hold or otherwise control voting rights for a decisive majority (over 75%) of the Bonds. Sapinda has re-confirmed to the Company its interest to achieve a comprehensive restructuring of the Bonds which could also involve a further strengthening of Sapinda’s major holding in the Bonds and shares in the Company. The Company is discussing a restructuring proposal of the Bonds with Sapinda for distribution to all bondholders in due course.
To enable the Company to progress current high quality acquisition targets of production and development assets before completion of its Bond restructuring, the Company is collaborating with a Sapinda subsidiary on an arms-length commercial basis. Once the Company’s Bond debt is restructured and if the targeted investment opportunities are secured, then the realisation of these opportunities is expected to be value-accretive to the Company’s Bondholders and Shareholders when compared with other alternative outcomes. Any concrete progress with business development and restructuring will be subject to further announcements.
This press release contains information that qualifies as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. This communication includes forward-looking statements. All statements other than statements of historical facts may be forward-looking statements. Words such as possibly, expected and value accretive or other similar words or expressions are typically used to identify forward-looking statements. Forward-looking statements are subject to risks, uncertainties and other factors that are difficult to predict and that may cause actual results of the Company to differ materially from future results expressed or implied by such forward-looking statements. Such factors include, but are not limited to, risks relating to the Company’s ability to acquire new opportunities; generate positive cash flows; general economic conditions; turbulences in the global credit markets and the economy; geopolitical events; the possibility to restructure the Bonds and other factors discussed in the Company’s public filings and other disclosures. Forward-looking statements reflect the current views of the Company’s management and assumptions based on information currently available to the Company’s management. Forward-looking statements speak only as of the date they are made, and the Company does not assume any obligation to update such statements, except as required by law.
Jacob Broekhuijsen, Chief Executive Officer
+44 (0)20 3728 4450 or info@sequa-petroleum.
Comments Off on Biotalys awarded €1.6 million VLAIO research grant
Comments Off on Biotalys ได้รับรางวัลทุนวิจัย VLAIO €1.6 ล้าน
Comments Off on Net One Systems Adopts Juniper Networks’ Contrail Enterprise Multicloud as Common Services Management Platform for Customers