Market Impact: Neutral. Trinity Exploration & Production shareholders approved the sale of Trinity's onshore Trinidad assets to Touchstone. The acquisition is still subject to the receipt of all necessary Trinidad regulatory approvals. Also, Touchstone announced that it was in breach of its debt covenants; however, the Company received the appropriate bank waivers and we estimate that Touchstone has a working capital position that exceeds the bank debt amount of C$6.7 mm at the end of 3Q15.

10 Dec 2015
ANNOUNCES UPDATE OF TRINITY ASSET ACQUISITION AND CREDIT FACILITY REVIEW

Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
ANNOUNCES UPDATE OF TRINITY ASSET ACQUISITION AND CREDIT FACILITY REVIEW
Touchstone Exploration Inc (TXP:LON) | 14.2 0 0.0% | Mkt Cap: 37.2m
- Published:
10 Dec 2015 -
Author:
Darren B. Engels -
Pages:
3 -
Market Impact: Neutral. Trinity Exploration & Production shareholders approved the sale of Trinity's onshore Trinidad assets to Touchstone. The acquisition is still subject to the receipt of all necessary Trinidad regulatory approvals. Also, Touchstone announced that it was in breach of its debt covenants; however, the Company received the appropriate bank waivers and we estimate that Touchstone has a working capital position that exceeds the bank debt amount of C$6.7 mm at the end of 3Q15.