Kurdistan-based oil firm Gulf Keystone Petroleum issues its full-year results without the shadow of a debt covenant breach hanging over it.
The firm received overwhelming approval on Wednesday for a change to the terms of US$250mln loan notes.
The firm was facing a covenant breach under the old terms, but of the 89% loan holders that voted 99% were in favour.
The change was to waive the covenant related to its book-equity ratio as it could have triggered an early repayment clause.
With that out of the way, the focus will be on the group's progress in finding a buyer for some or all of its assets.
The company revealed in February it is in talks with potential buyers, though the process was said to be prelIMInary and no indicative deal terms were revealed.
Since then, the company has raised US$40mln through a share placing, which should strengthen the group's bargaining position a little bit in takeover talks.
The market is going for a pre-tax loss of £33mln on revenue of £52.9mln in what was a difficult 2014 for the company.
A fiscal third quarter update is expected from Imperial Leather soap peddler PZ Cussons on Thursday in which it may add more detail to the rationale behind its decision to buy out Glanbia’s stake in the Nutricima joint venture.“This should allow it to be more fleet of foot in the dynamic Nigerian market and to consolidate certain functions within the rest of its FMCG [fast moving consumer goods] business,” suggested Investec.Significant announcements expectedInterims: Matchtech Group (LON:MTEC)
Finals: Eurasia Drilling (LON:EDCL), Gulf Keystone Petroleum (LON:GKP), NetPlay TV (LON:NPT)
Trading statements: Cranswick (LON:CWK), PZ Cussons (LON:PZC), Victrex (LON:VCT)The following widely-held stocks are trading ex-dividend on Thursday: Next, John Wood Group, Standard Life, IMI, Taylor Wimpey, St James's Place, Chesnara, Berendsen, GKN, Greggs, esure.
Economic: UK - RICS house price balance; trade figures; Bank of England interest rate & asset purchasing decisions. US - Weekly jobless claims
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