Share Buyback & Cancellation

RNS Number : 5502W

Petrel Resources PLC

02 August 2018

 

2^nd August 2018

Petrel Resources plc

("Petrel" or "the Company")

Share Buyback & Cancellation

Petrel announces that, following the Results of AGM announcement of 25^th 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 7^th 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	[phone]
David Horgan, Director
Nominated Adviser and Broker
Northland Capital Partners Limited
David Hignell / Edward Hutton (Corporate Finance)	[phone]
Rob Rees / Isabella Pierre
Public Relations
Blytheweigh	[phone]
Simon Woods	[phone]
Camilla Horsfall	[phone]
Teneo PSG
Luke Hogg	[phone]
Alan Tyrrell	[phone]

 

END

 

 

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