Notification of Transactions

RNS Number : 6429A

Petrel Resources PLC

22 January 2020

 

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
a)	Name	Michel Fayad
2	Reason for the notification
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
b)	LEI	213800WAVVOPS85N2205
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
b)	Nature of the transaction	Disposal of Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 14,934,615
d)	Aggregated information - Aggregated volume - Price	14,934,615 Ordinary Shares Nil
e)	Date of the transaction	23rd December 2019
f)	Place of the transaction	Outside a trading venue
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."

 

END

 

 

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