Notification of Transactions

Petrel Resources

22/01/2020 16:45

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."

 

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END

 

 

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