…says engages relevant stakeholders, advisers
Geregu Power Plc has officially responded to the investors and stakeholders concerns regarding the company’s bond repayment obligation.
Geregu Power Plc had defaulted on its N40.09 billion Series 1 Senior Unsecured Bond, missing its eighth semi-annual coupon and scheduled fourth principal repayment. This became Nigeria’s first corporate bond default in seven years.
Geregu said it remains actively engaged with relevant stakeholders and advisers regarding the resolution of the various challenges and is committed to achieving an orderly and mutually beneficial outcome.
“Discussions and engagements are ongoing, and the Company will continue to act in good faith in fulfilling its responsibilities.
“The Board and Management remain committed to transparency, responsible corporate governance and constructive engagement with all stakeholders,” Geregu said in a statement on August 12.
According to Geregu, “The Company considers it important to reassure its shareholders, investors, regulators and the general public that it remains fully committed to the task of generating power for its consumers”.
The company further said in a statement that, “Since assuming responsibility for the Company’s affairs, the current Board and Management have undertaken a comprehensive review and reconciliation of the Company’s transactions, liabilities, operational commitments, financing arrangements, financial obligations and related corporate documentation”.
“This process is aimed at ensuring transparency, accuracy and prudent financial management.The Company acknowledges the concerns of the shareholders, stakeholders as well as regulators”, the Company, adding that it will continue to provide the market with appropriate updates on material developments concerning its performance in accordance with applicable regulatory requirements.
Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.
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