News

August 18, 2009

Sterling Energy Arranges A Complex Financing Deal Which Means The Company Should No Longer Be For Sale

Is Graeme Thomson some kind of latter day Houdini or what? The “Great Houdini” was a famous show business escapologist operating in the US in the early part of the twentieth century. He would be sawn on half on stage or bound in chains and hung upside down in a tank full of water. He somehow managed to free himself from these situations. He was immortalised in a Hollywood film starring Tony Curtis.

Graeme Thomson is the CEO of AIM Listed Sterling Energy. For most of this year his company has been “in play”. His share price on the floor, all kinds of people and companies have been rumoured to be trying to buy Sterling. The company made a huge loss for 2008. There is a large debt and a funding gap. Without a purchaser for some, or all, of Sterling, the company seemed destined to go to the wall.

Now, however, with one bound, so to speak, Graeme is free. He and his team have...