IOG plc (in Administration)

Acceleration of the Bonds

Reference is made to the EUR 130,000,000 Senior Secured Bonds issued by IOG plc (in Administration) (the "Company"), pursuant to the bond terms dated 19 September 2019 and entered into between the Company and Nordic Trustee (the "Bond Trustee") (as amended from time to time, the "Bond Terms").

Further to the previous announcements of the Company and the expiry on 29 September 2023 of a waiver agreement between the Bond Trustee and the Company dated 4 August 2023, the Company received on 28 November 2023 a notice of acceleration of the outstanding bonds under the Bond Terms.

The Bond Trustee has confirmed to the Company that the acceleration of the bonds is a technical point to facilitate access for bondholders to certain cash credited to the Debt Service Reserve Account, that no further steps are currently envisaged against the Company or its subsidiaries and that the bondholders remain focused on minimizing operational disturbance.


FRP AdvisoryChad Griffin / Ian Corfield
Rory Fletcher

[This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the company's obligations under Article 17 of MAR.]

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