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Petropavlovsk notes IRC Ltd's update

20 April 2016 09:25

Petropavlovsk has noted the update published by IRC Ltd yesterday, and issued the following statement:

"As previously announced by IRC, the IRC Group has been in discussions with ICBC and China Export and Credit Insurance Corporation regarding waivers in respect of the IRC Group's project finance facility with ICBC.

"This included the obligations to maintain certain cash deposits with ICBC, and the obligations of IRC Group and Petropavlovsk PLC (as its guarantor) to comply with certain financial covenants.

"On 19th April 2016, IRC announced that ICBC has granted the waivers, subject to the fulfilment of certain conditions precedent. The waivers will become effective immediately upon fulfilment of the conditions precedent.

"The waiver from the obligations of IRC Group and Petropavlovsk PLC to comply with certain financial covenants will be effective up to and including 31 December 2017, whilst the waiver from IRC Group's obligation to maintain cash deposits of c.US$26 million with ICBC will cover the period from 20 June 2016 to 30 June 2018 (both dates inclusive)."

At 9:25am: (LON:POG) Petropavlovsk PLC share price was 0p at 7.49p

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