interesting Iona Energy backgrounder - relates to TEI and i3Was stumbling through some odds and sods. Came across some old press releases for a company that one of the Brothers Heath was was involved with.
All I am doing is reciting history. There are no further allusions being made beyond what is stated in the actual press releases issued at the times highlighted which are public record. Any written portion beyond the actual press release components is for context only, with no further editorialization implied.
I have copied the first paragraph and the paragraph which talks about one of the Brothers Heath and his role in the company. Here are the press release excerpts:
CALGARY, ALBERTA, April 29th, 2014 - Iona Energy Inc. ("Iona" or the "Company") (TSX V: INA) is pleased to announce the signing of a sale and purchase agreement (“SPA”) with Perenco UK Limited (“Perenco”) for an 80% working interest in the Trent & Tyne Gas Fields which will bring the Company’s aggregate working interest to 100% and result in Iona becoming Operator. The Company is also pleased to announce a management addition and the provision of a company-wide operational update. A presentation detailing the Trent & Tyne acquisition has been added to Iona’s website at www.ionaenergy.com.
(about two pages of text here which talks mostly about the various offshore properties that the company was involved with)
CORPORATE UPDATE
Appointment of Richard Ames as Executive Vice President Effective immediately, Mr. Richard Ames has been appointed as Iona’s Executive Vice President. Mr. Ames is currently a Director of Iona. Mr. Alan Curran will remain as Chief Operating Officer until his departure in June 2014 and Mr. Graham Heath continues his roles as Interim Chief Financial Officer and VP Corporate Development until a permanent replacement is found for the role of CFO.
About a half year later he appears to have left en masse with other senior management. I have not copied all of the press release, only the first paragraph and header of the paragraph with a table attached, followed by the paragraph stating that he had left the company:
CALGARY, ALBERTA, November 3, 2014 – Iona Energy Inc. ("Iona" or the "Company") (TSX V: INA), a Canadian independent oil & gas company with assets in the UK North Sea is pleased to announce changes to its senior management team based in the UK and insider buying of shares in the Company.
Highlights
• Appointments to senior management team to drive forward the Company’s next stage of growth and deliver on the “production, scale, yield” model :
(missing about two pages of text here, mostly new management names and their bios)
. . .
Members of the former senior management team Dave Sherrard, Robin Baxter, Graham Heath and Phil Oldham have left employment with the Company. The Company wishes to thank all of them for their respective contributions to growing Iona.
Shortly afterwards the company tried to do some sort of refinancing with the bond holders. I have copied only the first four paragraphs, it goes on for about three pages beyond this:
CALGARY, ALBERTA, March 05, 2015 - Iona Energy Inc. ("Iona" or the "Company") (TSX V: INA), a Canadian independent oil & gas company with assets in the UK North Sea wishes to provide the following update.
Financial Update
On September 27, 2013, Iona, via its UK subsidiary, Iona Energy Company (UK) plc, issued US$275 million in senior secured bonds (the “Bonds”).
As the Company reported on December 18, 2014, the rapid decline in oil prices and continued production interruptions at Huntington have negatively impacted projected cash flows and the Company reported at that time that it may breach certain of the Bond covenants during the next twelve month operating cycle.
Based on unaudited management accounts, it is highly likely that the Company will be in breach of one or more of its covenants upon publication of its annual financial statements for the year ended December 31, 2014. The Company’s annual financial statements are scheduled to be published on April 29, 2015 including fully audited financial statements and final covenant calculations. It should be noted that two consecutive quarterly covenant breaches are required to constitute an event of default under the Bonds.
Then there is this press release which is the last available one showing the end result of the company (copied in its entirety):
CALGARY, ALBERTA--(Marketwired – November 24, 2015)
Iona Energy Inc. ("Iona" or the "Company") (TSX VENTURE:INA)
Restructuring Update and Resignations
Iona Energy Inc. ("Iona" or the "Company") (TSX VENTURE:INA), a Canadian independent oil & gas company with assets in the UK North Sea provides the following update.
As notified on 18 November 2015, it is highly likely that Iona's wholly owned UK subsidiaries, Iona Energy (UK) Company plc ("Iona UK") and Iona UK Huntington Limited ("Iona Huntington"), will commence insolvency procedures to protect the interests of all stakeholders. However, at this time Tom Reynolds and Iain McKendrick, will remain as directors of the UK subsidiaries for the time being in an attempt to maximize value for all creditors.
Given the level of senior secured debt owed by Iona UK under its bonds ("Bonds") and the concentration of Iona's assets in Iona UK, it is highly unlikely that there will be any residual value for shareholders of Iona following any such process.
All of the board of directors and officers of Iona have resigned effective today.
Accordingly, trading in the shares of Iona on the TSX Venture Exchange will be suspended.
Since there will be no continuing management for the Company, it is unlikely that Iona will be making any further continuous disclosure announcements or filings.
ENDS