Petroleum Africa
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Thursday, June 30, 2016
Circle Oil has requested a suspension of its shares from trading on the AIM market of the LSE with immediate effect on the grounds of financial uncertainty.
In the announcement of the company’s annual results for the period ended December 31, 2015 it stated that it is expected to require a renegotiation of its existing funding arrangements or obtain additional funding in July 2016 in order to be able to discharge its financial obligations from August 2016.
The Strategic Review is progressing and discussions continue with the interested parties and its principal debt providers. The process has now reached a stage where, taking into account Circle’s outstanding debt and based on the current status of the proposals received to date, the directors believe it is likely there will be no value attributed to Circle equity holders. For the avoidance of doubt this is irrespective of the position set out in the equity and liabilities capital and reserves section of the consolidated statement of financial position at the end of 2015.
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