Iona Energy Inc.: Bondholder Meeting Summons
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 03/12/15 -- NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN UNITED STATES
Iona Energy Inc. ("Iona" or the "Company") (TSX VENTURE: INA), a Canadian independent oil and gas company with assets in the UK North Sea provides the following update.
Bondholder Meeting Summons
On September 27, 2013, Iona, via its UK subsidiary Iona Energy Company (UK) plc (the "Issuer"), issued US$275 million in senior secured bonds (the "Bonds"). The Issuer today published a summons to a bondholder meeting (the "Summons") proposing to the bondholders a range of amendments to its bond agreement including:
The full details of the proposed amendments can be found in the Summons published today. To assist reading of this document the Company has prepared a short presentation which summarizes the main points included in the Summons. Both the Summons and the presentation can be found on the Company's website at
A bondholder meeting is scheduled for March 27, 2015 to approve the amendments. Iona has secured pre-acceptances to vote in favour of the proposed amendments from bondholders representing over 40% of the outstanding Bonds. To approve the resolution put to the meeting, bondholders representing at least 2/3rds of the Bonds represented in person or by proxy at the meeting must vote in favour of the resolution.
Issuance of the Bonus Warrants remains subject to approval of the TSX Venture Exchange.
Tom Reynolds, Chief Executive Officer, commented:
"This is a very positive step forward following proactive engagement with bondholders initiated by the management team to protect value for all our stakeholders. The proposed amendments provide Iona with significant additional financial flexibility with a total of up to US$135 million of scheduled interest and amortization payments deferred. The amendments provide a strong foundation for the management team to execute its strategy which includes delivering first production from the Orlando project."
Conference Call
Tom Reynolds, CEO will be hosting a conference call for investors and analysts today at 14.00GMT (London) / 07.00MDT (Calgary) / 09.00ET (Toronto). To join the call please dial in 5-10 minutes prior to the start time using the information below.
Dial in details:
Additional information relating to the Company is available on SEDAR at .
Camarco is a financial public relations group assisting the Company with this press release.
About Iona Energy:
Iona is an oil and gas company with assets in the United Kingdom's North Sea.
Forward-Looking Statements
Some of the statements in this announcement are forward-looking, including statements regarding anticipated amendments to the Bonds, related changes in Iona's business and the anticipated timing thereof. When used in this announcement, the words "expects," "believes," "anticipate," "plans," "may," "will," "should", "scheduled", "targeted", "estimated" and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises or guarantees, are based on various assumptions by Iona's management, including the anticipated effects of the amendments on Iona's business, and are subject to risks and uncertainties that could cause actual outcomes to differ materially from those suggested by any such statements, including without limitation: the risk that the Bond amendments are not approved by the bondholders or are delayed for any reason, and the risk that the TSX Venture Exchange does not grant approval for the issuance of Bonus Warrants.
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Iona Energy Inc.
Tom Reynolds, CEO
Robert Gair, CFO
+44 (0) 1224 228400
Camarco
Billy Clegg / Georgia Mann
+44 (0) 20 3757 4980
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 12.03.2015 - 13:32 Uhr
Sprache: Deutsch
News-ID 378089
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contact information:
Town:
CALGARY, ALBERTA
Kategorie:
Oil & Gas
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