Enforcement of Share Lock-In

Petrel Resources

24/01/2020 16:47

RNS Number : 9195A

Petrel Resources PLC

24 January 2020

 

    

 

 

24th January, 2020

 

Petrel Resources plc

("Petrel" or "the Company")

 

Enforcement of Share Lock-In

 

 

Further to the RNS of 17th January, on Petrel Resources plc's successful ex parte application for an interim injunction, the directors of Petrel Resources plc wish to update shareholders on substantial further progress:

 

Today 24th January, Petrel Resources plc made a successful application to the High Court in Dublin for a broader interlocutory injunction.  This injunction now blocks all trading in the Locked-in-shares pending a full hearing and/or a full resolution to the satisfaction of the board. Neither Chase Nominees (which were represented), nor Michel Fayad, and Said Mehraik (who both attended court) contested the application.  

 

Other relevant parties have been notified of the injunction, and its effects.

The Company's lawyers have reminded the "Tamraz group" of their obligations pursuant to directors' duties, the FCA reporting requirements, as well as the Lock-in and general share notification requirements.

The board of Petrel continues to pursue full disclosure of the surrounding circumstances concerning the sale of the shares, and will review all outstanding issues in the best interests of shareholders, and make a further announcement as soon as this information is available.  Accordingly, Michel Fayad (while remaining a director) has now agreed to step aside from his director's duties for the time being, pending satisfactory resolution of all outstanding issues to the satisfaction of the board. 

 

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
Teneo
Luke Hogg
Alan Tyrrell
Thomas Shortall
+353 (0) 1 661 4055
+353 (0) 1 661 4055
+353 (0) 1 661 4055

 

 

 

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