Last checked at 17 Jan 2020 17:08
17th January, 2020
Petrel Resources plc
("Petrel" or "the Company")
Interim update on enforcement of Share Lock-In
Further to the RNS of 8th and 14th January, and the November 2019 EGM, the directors of Petrel Resources plc wish to update shareholders on issues arising:
On 17th January, Petrel Resources plc made a successful ex parte application to the High Court in Dublin for an interim injunction. This prevents the named parties (being Roger Tamraz, Michel Fayad, Said Mehraik and Chase Nominees) from disposing or otherwise dealing with shares in breach of the share lock-in.
Other relevant parties have been notified of the interim injunction, and its effects.
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.
The Company's lawyers have reminded the "Tamraz group" of their obligations pursuant to the FCA reporting requirements, as well as the Lock-in and general share notification requirements.
The board of Petrel has sought full disclosure, and will review the outstanding issues (including the second tranche placing), 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:
END
Enquiries:
Petrel Resources | |
John Teeling, Chairman | +353 (0) 1 833 2833 |
David Horgan, Director | |
Nominated Adviser and Broker | |
Beaumont Cornish - Nominated Adviser Felicity Geidt Roland Cornish
| +44 (0) 020 7628 3396 |
Novum Securities Limited - Broker Colin Rowbury |
+44 (0) 20 399 9400
|
Blytheweigh - PRMegan RayMadeleine Gordon-Foxwell
| +44 (0) 207 138 3206 +44 (0) 207 138 3553 +44 (0) 207 138 3208
|
Teneo Luke Hogg Alan Tyrrell Thomas Shortall |
+353 (0) 1 661 4055 +353 (0) 1 661 4055 +353 (0) 1 661 4055 |