REG - Petrel Resources PLC - Notification of Transactions

Petrel ResourcesAnnouncement

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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