Last checked at 22 Jan 2020 16:45
Notification of Transactions by Persons Discharging Managerial Responsibilities and Persons Closely Associated with them
[This form is required for disclosure of transactions under Article 19 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Market Abuse Regulation)]
1 | Details of the person discharging managerial responsibilities/person closely associated
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a) | Name | Michel Fayad
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2 | Reason for the notification
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a) | Position/status | Non-Executive Director | ||||
b) | Initial Notification Amendment |
Amendment notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | PETREL RESOURCES PLC
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b) | LEI | 213800WAVVOPS85N2205
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4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument Identification code | Ordinary Shares of 1.25 cent each
ISIN: IE0001340177
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b) | Nature of the transaction | Disposal of Shares
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c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price |
14,934,615 Ordinary Shares
Nil | ||||
e) | Date of the transaction | 23rd December 2019
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f) | Place of the transaction |
Outside a trading venue
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g) | Additional Information |
Michel Fayad is making this disclosure, however, the nature of this transaction is subject to a dispute between himself and the counter party who he understands to be a Delaware company EYCP LLC. Mr Fayad when the authorised the transfer of the above shares he believed that he was not making a disclosable transaction as it did not fall within Article 19(7)(a) of the Market Abuse Regulation as he was transferring the relevant shares into custody without it being designated to secure a specific credit facility. Mr Fayad understands that EYCP dispute this and claim that upon transfer the shares were designated to secure a particular facility despite no funds being advanced under that facility to Mr Fayad or any others."
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