Nautilus Marine Services PLC AMENDMENT OF EVEREST HILL NOTE RECEIVABLE (6927W)
03 August 2018 - 4:00PM
UK Regulatory
TIDMNAUT
RNS Number : 6927W
Nautilus Marine Services PLC
03 August 2018
For Immediate Release 3 August 2018
NAUTILUS MARINE SERVICES PLC
("Nautilus" or the "Company")
AMENDMENT OF EVEREST HILL NOTE RECEIVABLE
Nautilus Marine Services PLC (AIM: NAUT), announces that it
amended the $4 million secured note agreement ("Amended Note
Receivable") with Everest Hill Group Ltd. ("Everest") on 2 August
2018 to extend the maturity date from 15 September 2018 to 30 April
2019 and to also grant the Company the right to call for repayment
of $2 million of the principal balance with 30 days' notice. The
Amended Note Receivable continues to be subject to an interest
charge of 8 per cent. per annum, is payable quarterly in arrears
and is secured by a charge over Everest's and its affiliates'
shareholdings in HKN, Inc., which is a substantial shareholder in
the Company.
Everest is an affiliated company of the Quasha family trusts
which also have an interest in Lyford Investments Enterprises,
Ltd., ("Lyford") an existing shareholder in the Company. HKN, Inc.,
Lyford and parties acting in concert with them (the "Concert
Party") are interested in 22,567,016 Nautilus shares, representing
approximately 62.49 per cent of the issued share capital of the
Company.
By virtue of these holdings, the execution of the Amended Note
Receivable constitutes a related party transaction in accordance
with AIM Rule 13. The Company's Independent Directors (being all of
them save Mikel Faulkner, who is a member of the Concert Party)
consider, having consulted with finnCap Ltd, the Company's
Nominated Adviser, that the terms of the Amended Note Receivable
are fair and reasonable insofar as the Company's shareholders are
concerned.
Enquiries:
Nautilus Marine Services PLC
nautilusirinfo@nmsplc.com
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www.nautilusmarineplc.com
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finnCap Ltd
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Christopher Raggett/ Kate Bannatyne 020 7220 0500
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Yellow Jersey
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+44 (0) 7710 718
Tim Thompson/ Henry Wilkinson 649
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The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
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END
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