Clontarf Energy does debt-for-equity swap
Published 22/07/2014 | 02:30
Serial investor John Teeling has sold 16m shares in exploration firm Clontarf Energy for £120,000 (€151,000) to family members as the company shores up its capital position.
Clontarf Energy said that it had strengthened its balance sheet by converting nearly £520,000 (€656,000) in director loans and accrued remuneration into shares in the company at a price of 0.75p per share.
That resulted in 31.6m new shares being set aside for Mr Teeling, who's executive chairman of Clontarf Energy. A further 11.1m went to David Horgan, who's managing director. An additional 27.3m went to finance director Jim Finn.
But Mr Teeling also sold shares to family members. That left him owning 38.1m shares in Clontarf, or just under 10pc of the company. Mr Horgan owns 5.7pc while Mr Finn owns just over 10pc. Clontarf has also issued shares to South American lenders in a debt conversion.