Global Energy vessel purchase just about complete


Global Energy Development announced on Monday that, further to its announcement on 16 January, the foreclosure process associated with the Transaction B Assets was now complete and the assets had been transferred to Maritime Finance.

The AIM-traded firm said Maritime Finance was a vessel-owning company to be acquired pursuant to Transaction B, free from liens and encumbrances.

"As such, the remaining conditions precedent for completion of the transactions are the passing of the resolution at the general meeting, and Admission," the board said in a statement.

On 16 January, Global said Transaction B involved a conditional agreement to receive $10.5m in new cash proceeds for the issue of convertible A loan notes, and to acquire eight vessels through the purchase of all the issued shares in two vessel-owning companies from McLarty Capital Partners, Caluera and a Mr Alan Quasha.