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Petrel Resources PLC (PET)

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Friday 17 January, 2020

Petrel Resources PLC

Interim update on enforcement of Share Lock-In

RNS Number : 2297A
Petrel Resources PLC
17 January 2020
 

                                                                                      

 

                                                                                        

                                                                                         

 

 

                                                                                            

 

 

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:

 

 

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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 - PR
Megan Ray
Madeleine 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

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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