RNS Number : 6579Z
Petrel Resources PLC
14 January 2020
14th January, 2020
Petrel Resources plc
("Petrel" or "the Company")
Interim update on Share Lock-In
Further to our RNS of 8th January, and the November 2019 EGM, the directors of Petrel Resources plc wish to update shareholders on issues arising:
Between 17 December and 23 December 2019 the "Tamraz group" transferred 37,336,538 ordinary shares of Euro 0.0125, in the capital of Petrel Resources plc, into the custody of Deutsche Bank Switzerland (Deutsche Bank Shares) held in Chase Nominees Limited, pursuant to certain agreements between the "Tamraz group" (comprising Messrs: Roger Tamraz, Michael Fayad and Said Mehraik) and a 3rd party (EYCP LLC) details of which agreements have been requested but have not yet been made available to the Company. These shares were and remain the subject of a lock-in agreement executed by the "Tamraz group" ("Lock-in).
As of 13th January 2020, no relevant TR1 and or other MAR notifications have been received by the Company, but the electronic register suggests that 5.25 million of the Deutsche Bank Shares have been traded.
The Company's lawyers have reminded the "Tamraz group" of their obligations pursuant to the Lock-in and share notification requirements and have been informed that the "Tamraz group's" US and English lawyers are currently investigating, as a matter of urgency, how these transfers/sales were possible.
The board of Petrel will review the outstanding issues (including the outstanding second tranche placing monies, referred to on8 January 2020) and make a further announcement as soon as this information is available.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014. The person who arranged for the release of this announcement on behalf of the Company was Jim Finn, Secretary.
A copy of this announcement is available on the Company's website, at http://www.petrelresources.com/or contact:
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Enquiries: | |
Petrel Resources | +353 (0) 1 833 2833 |
John Teeling, Chairman | |
David Horgan, Director | |
Nominated Adviser and Broker | |
Beaumont Cornish - Nominated Adviser | +44 (0) 020 7628 3396 |
Felicity Geidt | |
Roland Cornish | |
Novum Securities Limited - Broker | |
Colin Rowbury | +44 (0) 20 399 9400 |
Blytheweigh - PR | +44 (0) 20 7138 3204 |
Megan Ray | |
Madeleine Gordon-Foxwell | |
Teneo | +353 (0) 1 661 4055 |
Luke Hogg | |
Alan Tyrrell | +353 (0) 1 661 4055 |
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Petrel Resources plc published this content on 14 January 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 January 2020 07:22:02 UTC