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Petrel Resources PLC - Update on Non-Receipt of Funds

RNS Number : 0651Z
Petrel Resources PLC
08 January 2020
 

                                                                                      

 

                                                                                        

                                                                                         

 

 

                                                                                            

 

 

8th January 2020

 

Petrel Resources plc

("Petrel" or "the Company")

 

Update on Non-Receipt of Funds

 

 

Further to the 21 November 2019 EGM, the directors of Petrel Resources plc wish to update shareholders that payment for the second tranche of shares to the "Tamraz group", expected by 6th January 2020, has not yet been received.  The shares have been issued and allotted, but not yet delivered in the form of share certificates to the intended shareholders.  These certificates are being retained by Petrel Resources plc until payment is received.

 

Separately, the directors believe from their recent analysis of the Register that circa 4 million shares may have been sold over recent days in a possible breach of a lock-in entered into by the Tamraz group over their existing holdings of shares previously subscribed as a condition of the second tranche.

 

Petrel Resources plc is urgently seeking an explanation of both matters from the Tamraz group and reminding the parties concerned of their lock-in obligations, and an early resolution in the best interests of shareholders. As soon as there is anything further to report, a further announcement will be made.

 

 

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:

 

 

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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) 20 7138 3206

 



Teneo

Luke Hogg

Alan Tyrrell

 

+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 rns@lseg.com or visit www.rns.com.
 
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Market: AIM
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