DIRECTOR DEALINGS SUMMARY: Trinity Exploration Directors Subscribe

LONDON (Alliance News) - The following is a summary of director dealings reported in London on ...

Alliance News 11 January, 2017 | 5:07PM
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LONDON (Alliance News) - The following is a summary of director dealings reported in London on Wednesday.

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Trinity Exploration & Production said it has completed its restructuring and now plans to move forward with a work programme, as it announced the appointment of an executive director and two non-executives to its board.

Trinity, which has oil and gas assets in Trinidad and South Africa, has been working to restructure its financial position throughout 2016 and, in early December, tabled a deal to raise funds, reorganise its share capital, and halve its total liabilities. Since then, it has received approval from both its creditors and a court in Trinidad & Tobago.

The group on Wednesday said the restructuring has now completed and the gross proceeds from the fundraising part of the restructuring, totalling USD11.9 million, will be applied in part towards payments to creditors.

The balance of the gross proceeds alongside current cash balances and organic cash flow will be deployed towards certain one-off restructuring and infrastructure costs and the re-initiation of drilling activities.

Trinity said the restructuring enables the group to go forward with a significantly deleveraged bank sheet, and its like-for-like net debt position will reduce to a pro-forma net debt position of around USD9.2 million from USD35.5 million as at October 31, 2016.

Under the restructuring terms, Trinity had also said it would be appointing three new directors to its board and on Wednesday confirmed Jeremy Bridglalsingh, David Segel and Angus Winther joined the board with immediate effect.

Bridglalsingh has served as CFO of Trinity since January 2016 and is joining the board as an executive director.

The CFO subscribed for 80,000 shares in the placing undertaken as part of the group's fundraising last year. The shares are Bridglalsingh's only holding in the group and, following completion, he holds a stake of 0.03% in the group.

Segel, meanwhile, is currently the chairman of financial services business Mako Group, and is joining as a non-executive director.

The David and Christina Segel Living Trust, of which Segel is an associate, subscribed for 22.7 million shares and USD583,937 of convertible loan notes in Trinity's fundraising, following which it held 33.9 million shares or a 12% stake in Trinity.

Winther is also joining Trinity as a non-executive director, and currently already holds non-executive positions at Mako and specialist insurer Hiscox Syndicates.

Winther subscribed for 22.7 million shares and USD583,937 convertible loan notes in the fundraising, with the shares being his only holding. As such, he holds an 8.0% stake in the group following completion of the transaction.

Shares in Trinity closed up 257% at 6.70 pence on Wednesday.

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Charles Taylor said Jeremy Grose, chief executive of Charles Taylor Management Services division, sold 7,500 shares at a price of 234.00 pence per share on Tuesday. Grose's total shareholding was not disclosed. Shares in the insurance services company closed down 4.8% at 219.00p on Wednesday.

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Immunodiagnostic Systems Holdings said Non-Executive Director Till Campe acquired 1,500 shares at an average price of 245 pence per share on Wednesday. Following the purchase, Campe is interested in 1,790 shares. The stock closed up 1.1% at 240.00p on Wednesday.

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Fulham Shore said Christos Karatzenis, operations manager of its Real Greek chain, sold 70,000 shares at a price of 20 pence per share Wednesday. The total holding of Karatzenis was not disclosed. Shares in the Real Greek and Franco Manca restaurant chain operator closed down 1.8% at 20.00p on Wednesday.

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Riverstone Energy said Non-Executive Director Patrick Firth bought 4,000 shares at a price of 1,343 pence per share Monday. Firth's shareholding was not disclosed. The stock closed up 0.4% at 1,355.00p on Wednesday.

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Jersey Electricity said Chief Executive Officer Christopher Ambler bought 2,415 shares at 414.00 pence each on Tuesday. Ambler's total shareholding was not disclosed. Shares in the Jersey-focused electricity supplier closed up 0.7% at 417.00p on Wednesday.

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By Arvind Bhunjun; arvindbhunjun@alliancenews.com; @ArvindBhunjun

Copyright 2017 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Trinity Exploration & Production PLC 12.76 GBX -8.83 -
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