Empire Energy Corporation Intl. (fka EEGC)

[pitts77h]

OMG, this is toooo funny.

http://www.lse.co.uk/share-regulatory-news.asp?shareprice=TXO&ArticleCode=ogp0d71h&ArticleHeadline=TOG_Convertible_Loan

TOG Convertible Loan
Mon, 13th Oct 2014 15:52
RNS Number : 1665U
TXO PLC
13 October 2014

TXO PLC
("TXO" or the "Company")

Amendments to terms of TOG Convertible Loan
TXO, the AIM-quoted energy resource and clean technology investment company, announces that the repayment date of the Tasmania Oil and Gas Limited ("TOG") Convertible Unsecured Loan owned by TXO plc ("the TOG CUL") has been extended by 12 months to 13th October 2015. The total amount of loan outstanding as at 13th October 2014 is £226,305, including interest.

The Company has a 25 per cent. non-core interest in TOG. Following discussions with the Board of TOG, whose directors are Christopher Foster and Geoffrey Harris, respectively a TXO Non-Executive Director and the Company Secretary of TXO, the Company has also decided that it will not convert the TOG CUL into TOG shares at this time.

TOG has agreed, in consideration of the extension of the repayment date of the TOG CUL, to (i) increase the annual interest rate payable on the TOG CUL to 15% per annum from 14th October 2014 and (ii) to grant TXO the right to exchange the TOG CUL in whole or in part (including interest accrued) for shares of Alpha Prospects Plc at any time at 2.5p per Alpha Prospects share.

Alpha Prospects Plc is an investment company listed on the GXG First Quote Market. Christopher Foster is the Chief Executive of Alpha Prospects.

The above amendments to the terms of the TOG CUL are deemed to be a related party transaction under the AIM Rules for Companies. The Directors of TXO, other than Christopher Foster, having consulted with Northland Capital Partners Limited, the Company's Nominated Adviser, consider that the terms of the amendments to the terms of the TOG CUL are fair and reasonable insofar as the shareholders of the Company are concerned.