News Column

Rose Petroleum Gets Notice That Loan Note To Be Converted

June 6, 2014

Steve McGrath

LONDON (Alliance News) - Rose Petroleum PLC Friday said it has received notice from the holders of its GBP1 million convertible loan note that they intend to convert the whole note into shares.

In a statement, the company said it currently has a GBP1 million convertible loan note outstanding that it issued to Geiger Counter Ltd in May 2012 and that was due to be repaid at the end of May, 2017. Half of the loan was subsequently transferred to City Natural Resources High Yield Trust PLC.

However, the convertible loan is convertible by the holders at any time into 80 million Rose Petroleum shares at 1.25 pence each.

The company said it will issue the shares for the loan note 10 business days after it received the notice. It got the notice Thursday. One the shares are issued the company won't have any convertible loan notes.

Rose Petroleum shares were up 6.2% at 3.77 pence Friday morning.

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Source: Alliance News

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