SOGP Sovereign Oil

 

TIDMSOGP 
 
RNS Number : 7500F 
Sovereign Oilfield Group plc 
19 January 2010 
 

 
 
+---------------------------------------+---------------------------------------+ 
| FOR IMMEDIATE RELEASE                 |                      19 January 2010  | 
+---------------------------------------+---------------------------------------+ 
 
 
SOVEREIGN OILFIELD GROUP Plc 
 
 
("Sovereign" or "the Company" or "the Group") 
 
 
 
 
Trading Update 
And 
Board Change 
 
 
As previously announced on 24 December 2009, the Company remains in discussions 
with its lending consortium relating to the covenant breaches on its existing 
facilities and relating to the continued support required from the lending 
consortium in order that the Group can continue to trade. Negotiations continue 
with the lending consortium and support is continuing to be provided. 
 
 
The Board is also continuing its aggressive cost reduction plan and has closed 
its loss making subsidiaries, Fingolden Limited and its trading subsidiary RDT 
precision Engineers Limited. The Company has entered into a heads of agreement 
(subject to contract) for the disposal of Maxwell Downhole Technology Limited. 
 The Board is in discussions for the disposal of Serco S.A. 
 
 
The Fabrication Division continues to trade profitably and generate cash. 
 
 
Despite profitable trading within the Fabrication Division, the Board is 
uncertain that the Group's future trading performance will be able to support 
the current levels of debt. As a result the Board is reviewing its strategic 
options, which include a debt for equity swap, a capital injection, and measured 
disposals of some or all of its operating subsidiaries. 
 
 
The Board will update shareholders in due course. 
 
 
The Board of Sovereign announces the immediate resignation of Christopher 
McGeehan as a non-executive director.  The Board thanks him for his substantial 
contribution to the Company and its Group. 
 
 
Further information: 
Sovereign Oilfield Group Plc                         Tel: 01224 261900 
John Robert Strachan, Group CEO 
 
 
Buchanan Communications                         Tel: 0207 466 5000 
Tim Thompson/Catherine Breen 
 
 
Charles Stanley Securities - Nominated Advisor    Tel: 0207 149 6000 
Mark Taylor/Freddy Crossley 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 TSTEAPFPFLPEEFF 
 

Sovereign Oilfield (LSE:SOGP)
Historical Stock Chart
Von Mai 2024 bis Jun 2024

Sovereign Oilfield (LSE:SOGP)
Historical Stock Chart
Von Jun 2023 bis Jun 2024