Berkeley Energia Settles OIA Claim

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By Anthony O. Goriainoff

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Berkeley Energia Ltd. said Friday that it has settled a claim brought against it by the Oman Investment Authority, known as OIA.

The clean energy company said the settlement follows the 100% sell down of 186.8 million shares issued to OIA in November via a fixed price bookbuild at a price of 0.35 Australian cents ($0.26) a share, for a total of AUD65.4 million.

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A sell down refers to the widespread selling of shares which results in falling prices.

Berkeley Energia said that in order to support the sell down, Chairman Ian Middlemas participated in the bookbuild and purchased 2.8 million shares in the special crossing.

The company said in November that it received a claim from Singapore Mining Acquisition Co. Pte.–a subsidiary of the Oman Investment Authority–requesting the immediate repayment of $65 million.

Singapore Mining said then that an investment agreement and convertible note agreed in 2017 had been “frustrated, repudiated and/or an event of default has occurred.”

Write to Anthony O. Goriainoff at [email protected]

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Credit: www.marketwatch.com /

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