E&P Global Details Hong Kong Legal Dispute over US$297 Million Convertible Note

E&P Global Holdings Limited ( (HK:1142) ) has shared an announcement.

E&P Global Holdings Limited has provided a supplemental update on ongoing legal proceedings in Hong Kong concerning disputes over the validity and effect of amendment agreements tied to a major 2013 convertible note, known as the Third CN. The company outlined that a claimant is challenging the binding nature of a 2017 amendment agreement, arguing it was only a memorandum for discussion and inconsistent with a prior 2016 agreement, while seeking damages for alleged breaches, declarations that the 2017 agreement is void or rescinded, and repayment of an alleged outstanding principal of about US$297.39 million plus interest and costs. In related consolidated proceedings, other parties, GCCH and SP, are pursuing court orders for the issuance of certificates representing portions of the Third CN, with E&P named only as a nominal defendant and facing no direct monetary claim from them, highlighting substantial legal and financial uncertainty around the company’s historical convertible note financing arrangements.

The most recent analyst rating on (HK:1142) stock is a Sell with a HK$0.31 price target. To see the full list of analyst forecasts on E&P Global Holdings Limited stock, see the HK:1142 Stock Forecast page.

More about E&P Global Holdings Limited

E&P Global Holdings Limited is a Cayman Islands–incorporated company listed on the Hong Kong Stock Exchange. It has issued convertible notes as part of its financing structure, including a significant 2013 note (the “Third CN”) governed by a Convertible Note Agreement, and has engaged in various amendment agreements with noteholders and related parties governing maturity, conversion terms and repayment obligations.

Average Trading Volume: 67,067,540

Technical Sentiment Signal: Sell

Current Market Cap: HK$2.92B

For a thorough assessment of 1142 stock, go to TipRanks’ Stock Analysis page.