Max Petroleum PLC Statement re Suspension (1755G)
02 Marzo 2015 - 1:30AM
UK Regulatory
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RNS Number : 1755G
Max Petroleum PLC
02 March 2015
2 March 2015
Max Petroleum Plc
("Max Petroleum" or the "Company")
Statement re suspension
Max Petroleum announces that, following its announcements of 9
February 2015 and 19 February 2015, it has requested that trading
in its ordinary shares on the AIM market of London Stock Exchange
plc be suspended pending the outcome of final negotiations with
Sberbank regarding an appropriate debt restructuring and with AGR
Energy regarding an equity investment that, together with the debt
restructuring, would render the Company viable.
The Directors of Max Petroleum currently believe that there
remains a reasonable prospect that these discussions could result
in a sufficient refinancing of the Company and, on that basis, have
not yet put the Company into administration.
However, in light of the protracted nature of the discussions as
well as outstanding creditor payments, including a material amount
that became due on 25 February 2015 to the Kazakh tax authorities
and payable in early March 2015, there is now only a very limited
period remaining to achieve such a refinancing. If current
negotiations are unsuccessful, or if other events outside the
control of the Company require that the Company ceases trading
while such negotiations are ongoing, then the consequences will be
negative for all stakeholders in the Company.
A further announcement will be made in due course.
ENQUIRIES:
+44 (0) 20 3713
Max Petroleum Plc 4015
Tom Randell
Oriel Securities Limited
+44 (0) 20 7710
Michael Shaw 7600
Tom Yeadon
Save where the context requires otherwise, capitalised and
technical terms used in this announcement shall have the same
meaning as ascribed to them in the Company's circular to
shareholders dated 12 November 2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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