Fladgate LLP has advised Angus Energy plc (LON:ANGS), the AIM listed independent onshore oil and gas development company, on the issue of a £1.4 million convertible loan note to significant shareholder Knowe Properties Limited.
The unsecured note bears interest at the rate of 4% per annum, and is convertible at maturity after two years if not prepaid by the company. The proceeds will be used to strengthen the company’s capital base, redeem existing convertible financing instruments, assist and support the company’s reconnection programme at its Saltfleetby Gas Field assets, and to assist the planning process at the Balcombe oil field.
Commenting on the transaction, corporate partner Paul Airley said, “We have been working with Angus Energy as its business develops over the past few years, from its admission to AIM to advising on its various financing and acquisition matters. We are delighted to have assisted Angus in completing this financing in what is an exceptionally challenging time for the equity capital markets.”
The Fladgate team was led by Paul Airley, who was assisted by Associate David Baverstock.
Fladgate has acted on a wide array of equity capital market transactions, including advising: