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Brand CEO Alan Green talks Andalas Energy (ADL), Feedback (FDBK) and Burford Capital on Vox Markets podcast
Brand CEO Alan Green discusses Andalas Energy (ADL), Feedback (FDBK) and Burford Capital with Justin Waite on the Vox Markets podcast. The interview is 15 minutes 15 seconds in.
Andalas Energy and Power (ADL) – Loan Note
Andalas Energy and Power Plc, the AIM traded Indonesian focused energy company (AIM: ADL) has issued a £500,000 zero coupon loan note which will strengthen the Company’s working capital position while it continues to progress the Company’s strategy.
The Loan Note, which has been issued to Sandabel Capital L.P. is secured against the assets of the Company and has a par value of £500,000 and is repayable in cash on or before 28 April 2017. No interest is payable over the term of the Loan Note, which has been issued at a 20% discount to par value. The cash proceeds received from the lender following the issue of the Loan Note are therefore £400,000.
In the event that the Loan Note is not repaid by the Maturity Date, the Loan Note holder has the right to convert into equity at the lower of the prior days closing bid price or a 20% discount to the 10 day VWAP in minimum tranches of £20,000. For every three conversion shares issued under a conversion notice the lender will receive one 18 month warrant with exercise price at a 100% premium to the conversion price.
Dave Whitby, CEO of Andalas, said, “Inclusion of our first project in Indonesia’s national energy plan would be a key value trigger event for Andalas, particularly in the eyes of industry participants and/or potential finance partners who understand the substantial underlying value in our project. Ahead of this, today’s Loan Note strengthens our working capital position, without the issue of equity, during an important period for the Company. In the short term, we expect the first project approval to add considerable value to Andalas and the loan note provides an excellent means to fund the company’s further development to this point. This is an exciting time for Andalas as we look to prove our business model, and in the process become a leading Indonesian focused energy company.”
Appointment of Joint Broker
The securing of the non-dilutive Loan Note for the Company was facilitated by Beaufort Securities Limited, which has been appointed joint broker to the Company. In conjunction with their appointment Beaufort has been granted three tranches of warrants at various premiums to the current share price. Details of the warrants, which expire after a period of five years, are provided below:
- 10,000,000 at 0.20 pence per share;
- 8,000,000 at 0.25 pence;
- 6,666,666 at 0.30 pence
**ENDS**
For further information, please contact:
| David Whitby | Andalas Energy and Power Plc | Tel: +62 21 2783 2316 |
| Sarah Wharry Craig Francis |
Cantor Fitzgerald Europe (Nominated Adviser and Joint Broker) |
Tel: +44 20 7894 7000 |
| Jon Belliss | Beaufort Securities Limited (Joint Broker) |
Tel: +44 20 7382 8415 |
| Frank Buhagiar Susie Geliher |
Andalas Energy & Power (ADL) – Non Exec Chairman Paul Warwick interviewed on VOX Markets podcast
Andalas Energy & Power (ADL) Non Exec Chairman Paul Warwick is interviewed by Justin Waite on the VOX Markets podcast.
The interview is 22 minutes in. Click here to listen.
Brand CEO Alan Green talks Tertiary Minerals (TYM), Andalas Energy (ADL) and the BlackCabbieTrader site launch on VOX Markets podcast.
Brand CEO Alan Green discusses Tertiary Minerals (TYM), Andalas Energy (ADL) and the BlackCabbieTrader site launch with Justin Waite on the VOX Markets podcast.
Link here to listen to the podcast.
Brand CEO Alan Green talks Andalas Energy (ADL), Feedback (FDBK) and Edenville Energy (EDL) on VOX Markets podcast
Brand CEO Alan Green discusses Andalas Energy (ADL), Feedback (FDBK) and Edenville Energy (EDL) with Justin Waite on the VOX Markets podcast. The interview is 23 minutes in. Click here to listen.
Andalas Energy and Power (ADL) – New Website
Andalas Energy and Power Plc is pleased to announce the launch of its new corporate website (http://www.andalasenergy.co.uk/).
The new website marks the culmination of the Company’s wider rebranding exercise which has been undertaken in recent months. This reflects the progress made by the new management team towards transforming ADL into an Indonesian focused energy and power company, as demonstrated by the securing of its first asset in Indonesia via the farm-in agreement to earn a 30% interest in the Tuba Obi East concession in the South Sumatran basin, as announced on 8 March 2016. Management views TOE as an excellent foundation asset upon which to build a profitable Indonesian gas and power business. The rebranding and repositioning has included:
- New Board and senior management appointments including highly experienced non-executive Chairman, Mr Paul Warwick, and Finance Director, Mr Dan Jorgensen and other senior in country appointments;
- Combined, the management team has over 250 years of industry experience and has in excess of half a century of direct experience in Indonesia;
- The appointment of Cantor Fitzgerald Europe as Nomad and broker to advise on the Company’s readmission to AIM and support its longer term ambitions to become a major player in the Indonesian energy and power sector; and
- A fresh new logo and change of name to Andalas Energy and Power, which is the ancient name for Sumatra and more fully captures the Company’s aspirations in the country.
The Directors, in tandem with their advisers, are currently focused on the readmission of the Company’s shares to AIM and further updates on this process will be provided to the market in due course.
For further information, please contact:
| David Whitby | Andalas Energy and Power Plc | Tel: +62 21 2783 2316 |
| Sarah Wharry Craig Francis |
Cantor Fitzgerald Europe (Nominated Adviser and Joint Broker) |
Tel: +44 20 7894 7000 |
| Lucy Williams Charles Goodfellow |
Peterhouse Corporate Finance Limited (Joint Broker) |
Tel: +44 20 7469 0930 |
| Colin Rowbury | Cornhill Capital (Joint Broker) | Tel: +44 20 7710 9610 |
| Frank Buhagiar Susie Geliher |
Asian Development Bank releases funds for Sumatra power grid – Petromindo.com
by Romel S. Gurky
The Asian Development Bank (ADB) announced on Wednesday the first disbursement of US$120 million under a $600 million results-based lending (RBL) program to strengthen the electricity grid in Sumatra, after the state-owned power company Perusahaan Listrik Negara (PLN) met the conditions for release of the funds.
“Disbursing against results helps ensure that ADB assistance can be utilized by PLN in a flexible manner and through its own systems, but with a focus on development outcomes,” said Steven Tabor, ADB Country Director for Indonesia. ”Modernizing the power grid is a prerequisite for success of the government’s 35 gigawatt power generation expansion program. ADB is proud to help support that program, while also assisting efforts to reach the remaining 16% of the Sumatran population with no access to modern energy services.”
Tabor said that an efficient and strong electricity grid should underpin Sumatra’s efforts to transform itself from a commodity producer into a major industrial center of Indonesia.
Future disbursements will be made annually over the next four years, after PLN has achieved agreed results in strengthening Sumatra’s power transmission and distribution system. The cost of the overall grid strengthening program in Sumatra is in the range of $7.3 billion, and financing for this program is being mobilized from various sources.
ADB approved in December 2015 two loans—$575 million from its ordinary capital resources and $25 million from the ASEAN Infrastructure Fund—totaling $600 million for a RBL program to strengthen the Sumatra electricity grid in Indonesia. This was the first ever RBL program globally in the energy sector, as well as ADB’s first loan to a state owned enterprise, PLN, with a Government of Indonesia guarantee.
This RBL loan will finance the upgrading of the power grid on the island of Sumatra to meet growing power demand efficiently and effectively. It will also connect at least 13 million new customers to an expanded and stronger power grid. The program utilizes the RBL financing instrument to support PLN’s program for expanding and improving Sumatra’s grid, and seeks to help improve the PLN’s corporate systems for the design and delivery of the grid upgrading program.