REG - Petrel Resources PLC - Notice of Extraordinary General Meeting

Petrel ResourcesAnnouncement

25/01/2021 07:00

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RNS Number : 6710M  Petrel Resources PLC  25 January 2021

 

 

 

 

 

 

 

 

 

25(th) January 2021

 

Petrel Resources plc

("Petrel" or "the Company")

 

Notice of extraordinary general meeting

 

An extraordinary general meeting of the Company will be held at 162 Clontarf
Road, Dublin 3 on 23(rd) February 2021 at 11 a.m. (the "EGM").

 

The business of the EGM will be to consider and, if thought fit, approve
certain resolutions which are necessary to ensure shares in the Company can
continue to be settled electronically when they are traded on AIM and further
remain eligible for continued admission to trading and listing on AIM.  This
change is a consequence of the end of the transition period following the
United Kingdom's departure from the European Union ("Brexit") and will not
alter where Petrel Resources shares are listed or traded. The change affects
all Irish companies whose securities are listed and traded in London.

 

Background to the EGM

 

The resolutions proposed for the EGM are to ensure the Company's shares will
continue to trade on AIM in London.

 

As a consequence of Brexit, the settlement system relating to trading in the
Company's shares needs to move from CREST in London to Euroclear Bank in
Belgium ("Migration"). Migration is expected to occur on 15 March 2021.

 

There is no meaningful alternative to Migration and failure to migrate would
remove the Company's access to electronic trade settlement. This would
seriously risk the Company's ability to retain admission of its shares to
trading on AIM and, importantly, a market for its ordinary shares. Therefore,
the board is asking all shareholders to support the resolutions proposed for
the EGM by voting in favour of all the resolutions being proposed at the EGM
or appointing a proxy to do so on their behalf.

 

A circular, which includes the notice of the EGM (the "Circular"), and a form
of proxy will be posted to shareholders today. The Board strongly urges
shareholders to review the contents of the Circular in their entirety,
including the documents referred to therein, and consider the Board's
recommendation to vote in favour of the resolutions being proposed at the EGM.

 

In economic terms, shareholders' interest in their shares is largely
unaffected by Migration but there are some technical changes to how their
interest is held and therefore shareholders are recommended to read the
Circular.

 

The Circular, the form of proxy and copies of the documents referred to in the
Circular are available to view on the Company's website
www.petrelresources.com, and will be available for inspection during normal
business hours on any business day from the date of this letter until the EGM
at the registered office of the Company at 162 Clontarf Road, Dublin 3,
Ireland. However, due to Covid-19 public health guidelines, shareholders are
advised to view the documents on the website.

 

Public Health Guidelines and the EGM

 

The well-being of shareholders and employees is a primary concern for the
Board. The Board is closely monitoring the COVID-19 situation and will take
all recommendations and applicable law into account in the conduct of the EGM.
There will likely be very limited ability to attend the EGM in person and the
Board therefore strongly encourages shareholders to appoint the chairman of
the EGM as a proxy by submitting a proxy form not less than 48 hours before
the time appointed for the EGM or any adjournment thereof, in order to ensure
they can exercise their vote and be represented at the EGM without attending
in person.

 

Proxy forms can be submitted in advance of the EGM by availing of one of the
options set out in the notice of the EGM:

 

(i)         by post or by hand to the Company's registrar,
Computershare Investor Services (Ireland) Limited, 3100 Lake Drive, Citywest
Business Campus, Dublin 24, D24 AK82, Ireland;

 

            (ii)        electronically by accessing
www.eproxyappointment.com ; or

 

            (iii)       via the CREST System, where shares are
held in CREST.

 

Any relevant updates regarding the EGM, including any changes to the
arrangements outlined in the Circular, will be announced via a Regulatory
Information Service and will be available on www.petrelresources.com .

 

In the event that it is not possible to hold the EGM either in compliance with
public health guidelines or applicable law or where it is otherwise considered
that proceeding with the EGM as planned poses an unacceptable health and
safety risk, the EGM may be adjourned or postponed or relocated to a different
time and/or venue, in which case notification of such adjournment or
postponement or relocation will be given in accordance with applicable law.

 

Ends

 

 

 

 

For further information please visit http://www.petrelresources.com/ or
contact:

 

  Enquiries:

 

 

 Petrel Resources
 John Teeling, Chairman                  +353 (0) 1 833 2833
 David Horgan, Director

 Nominated Adviser and Broker
 Beaumont Cornish - Nominated Adviser    +44 (0) 020 7628 3396

Roland Cornish

 Felicity Geidt

 Novum Securities Limited - Broker

Colin Rowbury

                                         +44 (0) 20 399 9400

 Blytheweigh - PR                        +44 (0) 207 138 3206

Megan Ray

Madeleine Gordon-Foxwell               +44 (0) 207 138 3553

                                         +44 (0) 207 138 3208

 Teneo

 Luke Hogg                               +353 (0) 1 661 4055

 Alan Tyrrell                            +353 (0) 1 661 4055

 Ross Murphy                             +353 (0) 1 661 4055

 

 

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