Interim update on enforcement of Share Lock-In

RNS Number : 2297A

Petrel Resources PLC

17 January 2020

 

17^th January, 2020

Petrel Resources plc

("Petrel" or "the Company")

Interim update on enforcement of Share Lock-In

Further to the RNS of 8^th and 14^th January, and the November 2019 EGM, the directors of Petrel Resources plc wish to update shareholders on issues arising:

On 17^th January, Petrel Resources plc made a successful ex parte application to the High Court in Dublin for an interim injunction.  This prevents the named parties (being Roger Tamraz, Michel Fayad, Said Mehraik and Chase Nominees) from disposing or otherwise dealing with shares in breach of the share lock-in.

Other relevant parties have been notified of the interim injunction, and its effects.

The directors believe that this interim injunction effectively blocks all trading in the locked-in shares pending disclosure of relevant documents and conclusion of an investigation.

The Company's lawyers have reminded the "Tamraz group" of their obligations pursuant to the FCA reporting requirements, as well as the Lock-in and general share notification requirements.

The board of Petrel has sought full disclosure, and will review the outstanding issues (including the second tranche placing), 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	[phone]
David Horgan, Director
Nominated Adviser and Broker
Beaumont Cornish - Nominated Adviser  Felicity Geidt Roland Cornish	[phone]
Novum Securities Limited - Broker  Colin Rowbury	[phone]
Blytheweigh - PR Megan Ray Madeleine Gordon-Foxwell	[phone] [phone] [phone]
Teneo Luke Hogg Alan Tyrrell Thomas Shortall	[phone] [phone] [phone]

 

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