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Magellan Petroleum Corporation Message Board

  • cooperrex@ymail.com cooperrex Sep 29, 2012 9:15 AM Flag

    Plot thickens - Better read the Form 3 and 13D filed on 9/28 with the SEC

    Know who Glencore International plc is? ho ho ho
    --------------------------------------------------------------------------------

    "Pursuant to a Loan Facility Agreement, dated July 7, 2009 and amended on December 18, 2009, August 31, 2010 and June 28, 2012 (as amended, the “Loan Agreement”) between Sopak AG and Yamalco Investments Limited, a Cyprus company (“Yamalco”), Sopak AG agreed to provide Yamalco with a loan in the principal amount of $15 million (the “Loan”). The source of funds for the Loan was Sopak AG’s working capital.

    To secure Yamalco’s obligations under the Loan Agreement, Young Energy Prize S.A., a Luxembourg corporation of which Yamalco is a shareholder (“YEP”), entered into a Pledge and Security Agreement with Sopak AG, dated as of July 7, 2009 and amended as of July 8, 2009 and March 11, 2010 (as amended, the “Pledge Agreement”), pursuant to which YEP pledged collateral consisting of (i) 9,264,637 shares of the Issuer’s Common Stock (the “Issued Shares”), (ii) a warrant granting YEP the right to purchase an additional 4,347,826 shares of the Issuer’s Common Stock (the “Warrant”), and (iii) a Registration Rights Agreement, dated as of June 29, 2009 and amended as of October 14, 2009 and June 23, 2010 (as amended, the “Registration Rights Agreement”), between the Issuer, YEP and ECP Fund, SICAV-FIS, a Luxembourg entity. The 13,612,463 shares of the Issuer’s Common Stock comprising the Issued Shares and the shares of Common Stock covered by the Warrant are referred to herein collectively as the “Pledged Shares.”

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    Looks like our Russian "billionaire" was a big borrower, huh?

    Sentiment: Sell

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