This looks a lot more secure for TEG .. The Secured Note will be secured by (1) general securities over the assets of Pilot and Royal Energy, including cash held, which will be released 12 months after completion of the sale and purchase of the Arrowsmith Assets and (2) specific securities over Pilot’s shares in Royal Energy, Royal Energy’s shares in TEO and the Arrowsmith Assets.
Also allows PGY to complete the transfer of assets
“While NOPTA approvals are still required to complete the transfer of the CHJV assets under Commonwealth jurisdiction, the transfer of all the WA State-based assets and operations enables Pilot to begin the transition of these facilities and, most importantly, gives Pilot the flexibility to sell down an ownership interest to incoming joint venture parties. In addition, Pilot intends to explore how these facilities can also be used to support other productive operations. This also enables Pilot to execute the Commonwealth Grant funded carbon capture and water processing pilot project with Capture 6.”
Lets see how PGY is getting on with the Alpine capital raise ..sounds positive though.
TEG Price at posting:
0.4¢ Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)