Angus Energy agrees revised consideration terms with Forum

(Sharecast News) - Angus Energy announced on Friday that it has agreed revised terms with Forum Energy Services over a £1.89m deferred consideration, suspending Forum's right to receive payment in shares for six months as the company continued due diligence on a potential reverse takeover and restructures its debt to Trafigura.

The AIM-listed company, whose shares remain suspended from trading, said the outstanding balance included £0.3m due for the quarter ended 31 March.

It said the remaining £1.59m, along with accrued interest, would become payable by 31 December.

Interest on the balance accrues at 8% over SONIA, rising to 12.5% from July, and could be settled in discounted shares if not paid in cash.

Forum said it had agreed to defer any equity-based repayment during the six-month standstill.

As part of the agreement, Forum had exercised its right to appoint a non-executive director, Richard Glass, subject to due diligence.

It also requested the appointment of company founder Jonathan Tidswell-Pretorius as chief operating officer, a non-board role.

Forum is a related party under the AIM rules due to its shareholding in Angus.

The company's board, independent of Forum, said it considered the revised terms "fair and reasonable insofar as shareholders are concerned", after consultation with nominated adviser SP Angel.

Separately, Aleph Commodities had requested the appointment of Alexander Craig as a non-executive director.

The board said it was also looking to appoint an additional independent non-executive and would update the market in due course.

Reporting by Josh White for Sharecast.com.