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Petrel Resources PLC (PET)

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Thursday 02 August, 2018

Petrel Resources PLC

Share Buyback & Cancellation

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

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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