Trinity Exploration & Production Statement re Suspension (0116E)
13 Julio 2016 - 1:30AM
UK Regulatory
TIDMTRIN
RNS Number : 0116E
Trinity Exploration & Production
13 July 2016
Embargoed: 07.30a.m., 13 July 2016
Trinity Exploration & Production Plc
(the "Company" or "Trinity"; AIM:TRIN)
Statement re Suspension
At the request of the Company, Trinity's ordinary shares have
been suspended from trading on AIM with effect from 07.30 a.m. this
morning.
Stakeholders will be aware that the Company has been in extended
negotiations with Citibank with regard to repayment of its
outstanding debt balance of $13.0 million. This has led to a number
of announcements by Trinity where the Company and Citibank have
agreed numerous extensions to the moratorium on principal
repayments to Citibank whilst the Company has been working on a
wider financial restructuring of the business.
Despite the Company's positive attempts at pursuing specific
wider restructuring initiatives, the Company has now been unable to
agree suitable terms with Citibank with regard to the existing and
potential future moratorium terms and as such the Company finds
itself no longer in a moratorium. Furthermore, Citibank has now put
restricted access on Trinity's Citibank accounts making the Company
unable to fund its working capital position in a timely manner as
it actively pursues a wider restructuring solution. Following
cessation of the moratorium, the amounts owed from the Company to
Citibank are now due and payable.
As a result, the Company has requested a suspension in trading
of the Company's shares pending clarification of its financial
position. The Company's ordinary shares will remain suspended from
trading on AIM until such time as Citibank advise the Company on
how they would like to proceed, as the senior secured creditor, or
a wider restructuring solution can be agreed.
The Company will issue further announcements in the event that
any further action is taken by Citibank or by the Company.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Enquiries:
Trinity Exploration & Tel: +44 (0)131 240 3860
Production Plc
Bruce Dingwall, Executive
Chairman
Tracy Mackenzie, Head
of Corporate Development
SPARK Advisory Partners Tel: +44 (0)203 368 3550
Limited
NOMAD & Financial Adviser
Mark Brady
Miriam Greenwood,
Sean Wyndham -Quin
Cantor Fitzgerald Europe Tel: +44 (0)207 894 7000
Broker
David Porter
Sarah Wharry
About Trinity
Trinity is an independent E&P company focused solely on
Trinidad and Tobago. Trinity operates producing and development
assets both onshore and offshore, in the shallow water West and
East Coasts of Trinidad. Trinity's portfolio includes current
production, significant near-term production growth opportunities
from low risk developments and multiple exploration prospects with
the potential to deliver meaningful reserves/resources growth. The
Company operates all of its licences and has 2P reserves of 21.8
mmbbls according to management estimates. Trinity is listed on the
AIM market of the London Stock Exchange under the ticker TRIN.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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