logo-loader
RNS
viewPetrel Resources PLC

Petrel Resources PLC - Enforcement of Share Lock-In

RNS Number : 9195A
Petrel Resources PLC
24 January 2020
 

    

 

 

24th January, 2020

 

Petrel Resources plc

("Petrel" or "the Company")

 

Enforcement of Share Lock-In

 

 

Further to the RNS of 17th January, on Petrel Resources plc's successful ex parte application for an interim injunction, the directors of Petrel Resources plc wish to update shareholders on substantial further progress:

 

Today 24th January, Petrel Resources plc made a successful application to the High Court in Dublin for a broader interlocutory injunction.  This injunction now blocks all trading in the Locked-in-shares pending a full hearing and/or a full resolution to the satisfaction of the board. Neither Chase Nominees (which were represented), nor Michel Fayad, and Said Mehraik (who both attended court) contested the application.  

 

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

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

The board of Petrel continues to pursue full disclosure of the surrounding circumstances concerning the sale of the shares, and will review all outstanding issues in the best interests of shareholders, and make a further announcement as soon as this information is available.  Accordingly, Michel Fayad (while remaining a director) has now agreed to step aside from his director's duties for the time being, pending satisfactory resolution of all outstanding issues to the satisfaction of the board. 

 

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
Megan Ray
Madeleine Gordon-Foxwell

 

+44 (0) 207 138 3206

 

 

 

 

 

Teneo

Luke Hogg

Alan Tyrrell

Thomas Shortall

 

+353 (0) 1 661 4055

+353 (0) 1 661 4055

+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.
 
END
 
 
MSCPPUQCGUPUGQC

Quick facts: Petrel Resources PLC

Price: 4

Market: AIM
Market Cap: £6.28 m
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE