Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Rival package for African Copper
Zambian Copper Investments (ZCI) has entered the rescue financing fray at African Copper with a £15 million debt and equity proposal.
As previously reported here, Botswana-focused African Copper, whose promising Mowena mine was snarled by earlier copper price falls, has already agreed to a similar package from Aussie-quoted Natasa Mining, headed by the entrepreneurial Chris Kyriakou. But, undeterred by this and, perhaps like Natasa, encouraged by recent rallies in copper, Bermuda-based and Johannesburg-quoted ZCI, proposes to inject a £6.6 million equity injection, at a mere 1p, giving it 69.7 per cent of AIM-quoted African Copper.
In addition, ZCI is offering a £5.4 million 12 per cent four-year secured convertible credit facility, a £1.33 million 14 per cent short-term facility and a £1.7 million interest-free secured bridging loan. On top of this, ZCI proposes paying trade creditors 40p in the pound at a cost of some £2.5 million, and given a five per cent equity stake and paying bondholders 25p in the pound and giving them a ten per cent equity holding, leaving ZCI firmly in the saddle.
Steered by chief executive officer Chris Fredericks, African Copper says it will not respond to the ZCI proposals until after a special shareholders’ meeting on 7 May, called to consider the Natasa package. But Natasa has extended a £1 million loan facility to African Copper’s local operating subsidiary, Messina, and African Copper warns Natasa says it will move for repayment of this, if shareholders at that meeting do not approve its proposals, and will start insolvency proceedings if Messina cannot pay up.
If that happened, warns African Copper, ‘it is unlikely that there will be any assets available for distribution to shareholders’, who will anyway be heavily diluted by either the Natasa or ZCI plans. Floated at 76p five years ago, African Copper shares had collapsed to 0.7p by last February and have now bounced to 2.7p, valuing the company at £4 million.
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