UK based renewable energy company SeaEnergy has agreed an extension to the terms of an existing £3.8m loan facility provided by LC Capital Master Fund, a major shareholder in SeaEnergy, until 31 January 2011.
The move follows an announcement in September 2010 that LC had agreed an increase to and extension of the repayment of the loan facility until the earlier of 31 December 2010 or completion of the sale process of SeaEnergy’s 80% owned subsidiary SeaEnergy Renewables (SERL).
With disposal negotiations now at an advanced stage, LC has now agreed to extend the repayment terms of this loan facility to support the expected completion timetable, and at this time £1.15m of the facility remains to be drawn by SeaEnergy.
SeaEnergy also said that while the negotiations for the disposal of SERL are at an advanced stage, there can be no certainty that they will result in the disposal of the company.