Maple Energy plc Termination of Proposed Transaction (2372X)
November 17 2014 - 10:49AM
UK Regulatory
TIDMMPLE
RNS Number : 2372X
Maple Energy plc
17 November 2014
17 November 2014
MAPLE ENERGY PLC
("Maple" or the "Company")
TERMINATION OF PROPOSED TRANSACTION
As previously announced, Maple Energy plc ("Maple" or the
"Company") received an offer (the "Offer) from GraƱa y Montero
S.A.A. and Alcogroup SA (together the "Investors") under which the
Company would, in effect, dispose of a substantial part of its
equity interest in the Company's principal trading subsidiaries to
the Investors in return for a material investment at the subsidiary
level (the "Proposed Transaction").
As stated, the Offer was conditional and required approval from
a number of parties including the senior lenders of the Company's
ethanol business (the "Senior Lenders"). Thus there was no
guarantee that the Proposed Transaction would be concluded on terms
acceptable to the Company, or at all.
The Company announces today that negotiations regarding the
Offer have been terminated by mutual agreement due to the
impossibility to reach an agreement among all the parties involved,
including the Senior Lenders, regarding certain conditions of the
Proposed Transaction.
The Company is continuing with the process of seeking equity
investment from strategic investors or business disposals in order
to secure the sustainability of its ethanol business. There is no
guarantee that a transaction will be concluded on terms acceptable
to the Company, or at all.
In the meantime, the Company continuous to work closely with the
Senior Lenders to try to secure additional capital for the ongoing
operations of its ethanol business, and to obtain certain waivers
under the existing senior loans, until a transaction is completed.
The Company will provide an update regarding the progress of these
ongoing negotiations with its Senior Lenders as appropriate. There
is no guarantee that these negotiations will be concluded
successfully.
Finally, the hydrocarbons operating subsidiary, Maple Gas
Corporation del Peru S.R.L., continues to be a profitable business
unit, generating steady cash flow and should not be affected by the
situation of the ethanol business unit.
For further information, please contact:
Maple Energy plc (+ 51 1 611 4000)
Guillermo Ferreyros Cannock, Chief Executive Officer, and
Executive Director
Cenkos Securities plc (+ 44 131 220 6939)
Derrick Lee
Alan Stewart
This information is provided by RNS
The company news service from the London Stock Exchange
END
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