REG - Petrel Resources PLC - Share Buyback & Cancellation

Petrel ResourcesAnnouncement

02/08/2018 07:05

RNS Number : 5502W
Petrel Resources PLC
02 August 2018
 


  
 
2nd August 2018
 
Petrel Resources plc
("Petrel" or "the Company")
 
Share Buyback & Cancellation
 
Petrel announces that, following the Results of AGM announcement of 25th July 2018, it has duly entered into and completed each of:
 
(i)         the contract between Amira Petroleum N.V., Amira International Holding Limited and the Company for the purchase of 16,147,368 ordinary shares of €0.0125 each in the capital of the Company ("Ordinary Shares") for nominal consideration; and
(ii)        the contract between Hannam & Partners (Advisory) Group Services Ltd and the Company for the purchase of 600,000 Ordinary Shares for nominal consideration.
 
The aggregate 16,747,368 Ordinary Shares will immediately be cancelled upon their repurchase by the Company (the 'Cancellation').
 
Consideration
The purchase consideration of £20 was satisfied by the issue of 1,000 Ordinary Shares to Elena Howard at a price of 2p per Ordinary Share (the 'Consideration Shares').
 
Application will be made for the Consideration Shares, which will rank pari passu with the existing Ordinary Shares, to be admitted to trading on AIM ('Admission'). It is expected that Admission will become effective and dealings will commence at 8:00am on 7th August 2018.
 
Total voting rights
Following both the issue of the Consideration Shares and completion of the Cancellation, the Company's issued share capital will comprise 82,935,624 Ordinary Shares, none of which is held in treasury. This figure of 82,935,624 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
 
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
 
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


 




Northland Capital Partners Limited


 




David Hignell / Edward Hutton (Corporate Finance)


+44 (0) 20 3861 6625




Rob Rees / Isabella Pierre
 


 




 


 




Public Relations


 




Blytheweigh


+44 (0) 207 138 3206




Simon Woods


+44 (0) 746 643 9633




Camilla Horsfall


+44 (0) 787 184 1793




 


 




 
Teneo PSG


 




Luke Hogg


+353 (0) 1 661 4055




Alan Tyrrell


+353 (0) 1 661 4055




 




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