SDX Energy renegotiating facility agreement with Aleph Finance
Updated : 10:59
SDX Energy announced on Friday that it is renegotiating the terms of its recently-signed new facility agreement with Aleph Finance.
The AIM-traded firm said the new facility agreement, initially designed to refinance the company’s existing unsecured convertible loan of up to $3.25m, would now be subject to amendments that were currently under discussion between the two parties.
As a result of the ongoing negotiations, the general meeting previously scheduled for Friday was cancelled.
However, the company was still holding its annual general meeting from 1130 BST in London.
The existing convertible loan, which was unsecured and allowed for conversion at any time at the option of the lenders, was originally set for repayment on 24 July.
SDX had obtained consent from Aleph Finance to delay the repayment, contingent upon the execution of the revised new facility agreement by 11 October 11.
The total amount due under the existing agreement was $3.82m, including $3.25m in principal and $0.57m in accrued interest.
SDX Energy said it planned to convene a new general meeting by 11 October, to seek shareholder approval for the revised terms of the new facility agreement.
At 1059 BST, shares in SDX Energy were down 4.55% at 2.1p.
Reporting by Josh White for Sharecast.com.