REG - Petrel Resources PLC - Interim update on Share Lock-In

Petrel ResourcesAnnouncement

14/01/2020 07:00

RNS Number : 6579Z
Petrel Resources PLC
14 January 2020
 


                                                                                      
 
                                                                                        
                                                                                         
 
 
                                                                                            
 
 
14th January, 2020
 
Petrel Resources plc
("Petrel" or "the Company")
 
Interim update on Share Lock-In
 
 
Further to our RNS of 8th January, and the November 2019 EGM, the directors of Petrel Resources plc wish to update shareholders on issues arising:
Between 17 December and 23 December 2019 the "Tamraz group" transferred 37,336,538 ordinary shares of Euro 0.0125, in the capital of Petrel Resources plc, into the custody of Deutsche Bank Switzerland (Deutsche Bank Shares) held in Chase Nominees Limited, pursuant to certain agreements between the "Tamraz group" (comprising Messrs: Roger Tamraz, Michael Fayad and Said Mehraik) and a 3rd party (EYCP LLC) details of which agreements have been requested but have not yet been made available to the Company. These shares were and remain the subject of a lock-in agreement executed by the "Tamraz group" ("Lock-in).
As of 13th January 2020, no relevant TR1 and or other MAR notifications have been received by the Company, but the electronic register suggests that 5.25 million of the Deutsche Bank Shares have been traded.
The Company's lawyers have reminded the "Tamraz group" of their obligations pursuant to the Lock-in and share notification requirements and have been informed that the "Tamraz group's" US and English lawyers are currently investigating, as a matter of urgency, how these transfers/sales were possible.
The board of Petrel will review the outstanding issues (including the outstanding second tranche placing monies, referred to on 8 January 2020) 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) 20 7138 3204
 














Teneo
Luke Hogg
Alan Tyrrell


 
+353 (0) 1 661 4055
+353 (0) 1 661 4055



 
 




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