(Alliance News) - Petrel Resources PLC said Friday it has made a successful application to the High Court in Dublin for an interim injunction over locked in shares from the Tamraz investor group.
Petrel Resources shares closed 0.3% lower in London at 5.50 pence each on Friday.
The Tamraz group consists of private equity investors, friends and business acquaintances of Non-Executive Director Roger Tamraz and Michel Fayad.
On January 8, the company had said it hadn't received payment for the second tranche of shares issued to the Tamraz investor group, as well as noting a potential share lock-in violation.
In November, Petrel Resources had said its shareholders gave their approval for the issue of 64.0 million shares at 1.25 US cents to the Tamraz group - USD800,000 in total - which would bring their total stake to 51%. The payment was set to be received on January 6.
The interim injunction prevents Roger Tamraz, Michel Fayad, Said Mehraik and Chase Nominees from disposing or otherwise dealing with shares in breach of the share lock in, the company said.
"The directors believe that this interim injunction effectively blocks all trading in the locked-in shares pending disclosure of relevant documents and conclusion of an investigation," Petrel Resources said.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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Petrel Resources (PET)