Petrel Resources PLC Interim update on enforcement of Share Lock-In (2297A)
January 17 2020 - 12:08PM
UK Regulatory
TIDMPET
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:
END
Enquiries:
Petrel Resources
John Teeling, Chairman +353 (0) 1 833 2833
David Horgan, Director
Nominated Adviser and Broker
Beaumont Cornish - Nominated Adviser
Felicity Geidt
Roland Cornish +44 (0) 020 7628 3396
Novum Securities Limited - Broker
Colin Rowbury +44 (0) 20 399 9400
Blytheweigh - PR +44 (0) 207 138 3206
Megan Ray +44 (0) 207 138 3553
Madeleine Gordon-Foxwell +44 (0) 207 138 3208
Teneo
Luke Hogg +353 (0) 1 661 4055
Alan Tyrrell +353 (0) 1 661 4055
Thomas Shortall +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 rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
January 17, 2020 12:08 ET (17:08 GMT)
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