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(Sharecast News) - Sound Energy said on Friday that holders of its 28.8m senior secured notes had approved a proposed restructuring that could allow the company to significantly reduce its balance-sheet debt.
The AIM-traded transition energy company said the proposal relating to its Luxembourg-listed 5.0% notes was approved at a noteholder meeting held on Friday.
Voting instructions representing 24.3m of the notes were lodged, meeting the required quorum, with 96.30% of votes cast in favour of the restructuring.
Following the approval, Sound Energy said the notes could now be redeemed under an amended special-redemption condition set out in the consent solicitation memorandum published on 28 May.
Chief financial officer Andrew Matharu said the company was pleased that noteholders had supported the amendments.
"We are pleased that noteholders have supported the proposed amendments to the eurobonds, which subject to amended condition 7.2A, will enable the company to significantly reduce its balance sheet debt," he said.
At 1137 BST, shares in Sound Energy were down 2.94% at 1.65p.
Reporting by Josh White for Sharecast.com.
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