APR Energy Gives Up on Libya

APR Energy Plc has announced that the ratification of its power generation contract by the Libyan parliament has still not been secured, and that the Board has therefore approved reassignment of those assets to new opportunities, effective immediately.

Shares in the company were down as much as 16 percent to a record low of 146 pence in early trading on Monday, before ending the day down 5.7 percent at 165 pence.

The stock has lost more than 85 percent of its value since October 2013.

APR Chief Executive Laurence Anderson (pictured) told Reuters it would take anywhere from 60 to 120 days to pack up and ship out of Libya.

(Sources: APR Energy, Reuters, Yahoo!)

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