APR Energy Down 20% on Libya Losses

Shares in APR Energy plc (LSE: APR) were down 20 percent in early trading on Friday after the company announced that it will likely take a number of reserves for receivables, due primarily to the previously announced situation in Libya, and therefore expects 2014 Full Year Net Income to be significantly below current market expectations.

The Board is conducting an ongoing review of those reserves and will provide a further update to the market as soon as possible.

In addition, the Board is re-evaluating the value of intangible assets and goodwill in the Group Balance Sheet, and it is likely that there will be significant non-cash impairment charges.

As announced on 23 February 2015, the Company remains in discussions with its Banking Syndicate and these discussions are progressing well.

(Sources: APR, Yahoo!)

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