RE: dead cat bounce8 Jan 2020 09:09
Pursuant to Step Two it is intended that, subject to and conditional upon the Whitewash Resolution being passed by the Independent Shareholders on a poll, Netoil will subscribe for and be allotted the New Ordinary Shares at a subscription price of 1.25 cent each, representing in aggregate 30.01 per cent. of the Company's Enlarged Share Capital. The aggregate holding by the Concert Party will then be 51 per cent of the Company's Enlarged Share Capital. At the time of the initial agreement in July, this price represented the fair market value of the stock and in the Board's view continues to do so on fundamentals, particularly given the regulatory uncertainty over existing Petrel projects in Ireland, Ghana, and Iraq, together with a reasonable expectation of quality investment-grade deal flow from the new shareholders, as well as enhanced financial credibility and funding capabilities arising from their involvement. The subsequent appreciation of the Petrel share price confirms the Board's view that the proposed increase in the holding of the Concert Party and in particular the direct investment by Netoil as a substantial shareholder in its own right remains in the best interests of Petrel Shareholders. Moreover, Netoil and the principal members of the Concert Party (being the Locked-in Parties) have agreed to be locked in for a period being the earlier of 12 months from the date of Admission or the date of completion of a Substantial Transaction so unlike other shareholders will not be able to trade their shares (including those subscribed in the earlier July Placing) until it is clear what benefit they have brought, as hoped, to the Company.
Netoil is a limited liability Bulgarian incorporated company. It was incorporated on 25 July 2019 under registration number 205764057 with a registered office located at Boulevard Tzarigradsko Shosse 101, et. 7, Sofia 113, Bulgaria. The current shareholders of Netoil are Mr Michel Fayad (50%) and Mr Said Mehraik (50%). Mr Roger Edward Tamraz will become a shareholder of this company (he will then hold 34%, Mr. Michel Fayad will then hold 33% and Mr. Said Mehraik will then hold 33%). The directors of Netoil are Mr. Michel Fayad, Mr. Said Mehraik, Mr. Nikolay Paskalev, Paskalev. As Netoil is a newly incorporated company it has not traded to date and has not published any financial information. It is currently funded by its existing shareholders.
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