Angus Energy (AIM:ANGS) shares rose 14.3% to 0.24p, after the group said it expects the legally binding documentation for its proposed financial restructuring to be concluded in the coming weeks.
The proposed restructuring is expected to materially strengthen the Group's balance sheet, enhance liquidity and establish a more sustainable long-term capital structure; Angus Energy is a UK AIM-listed independent oil and gas company and the leading onshore gas producer in the UK.
The Board said progress to final binding agreements has been slower than anticipated and it continues to prudently manage working capital in close coordination with its lenders.
Trading in the company's shares on AIM will resume only on completion of the restructuring. It expects to provide further updates as the restructuring progresses.
