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Petrel Resources PLC - Notification of Transactions

RNS Number : 6429A
Petrel Resources PLC
22 January 2020
 

Notification of Transactions by Persons Discharging Managerial Responsibilities and Persons Closely Associated with them

 

 [This form is required for disclosure of transactions under Article 19 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Market Abuse Regulation)]

 

1

Details of the person discharging managerial responsibilities/person closely associated

 

a)

Name

Michel Fayad

 

 

2

Reason for the notification

 

a)

Position/status

Non-Executive Director

b)

Initial Notification Amendment

 

Amendment notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

PETREL RESOURCES PLC

 

b)

LEI

213800WAVVOPS85N2205

 

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial  instrument,

type  of

instrument

Identification code

Ordinary Shares of 1.25 cent each

 

ISIN: IE0001340177

 

b)

Nature of the transaction  

Disposal of Shares

 

c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

Nil

14,934,615

 

 

d)

Aggregated information

- Aggregated volume

- Price

 

14,934,615 Ordinary Shares

 

Nil

e)

Date of the transaction

23rd December 2019

 

f)

Place of the transaction

 

Outside a trading venue

 

g)

Additional Information

 

Michel Fayad is making this disclosure, however, the nature of this transaction is subject to a dispute between himself and the counter party who he understands to be a Delaware company EYCP LLCMr Fayad when the authorised the transfer of the above shares he believed that he was not making a disclosable transaction as it did not fall within Article 19(7)(a) of the Market Abuse Regulation as he was transferring the relevant shares into custody without it being designated to secure a specific credit facility.   Mr Fayad understands that EYCP dispute this and claim that upon transfer the shares were designated to secure a particular facility despite no funds being advanced under that facility to Mr Fayad or any others."

 

 

 

 

 

 

 

 

 

 


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Quick facts: Petrel Resources PLC

Price: 4

Market: AIM
Market Cap: £6.28 m
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