viewPetrel Resources PLC

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:















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



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.

Quick facts: Petrel Resources PLC

Price: -

Market: AIM
Market Cap: -

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


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...


3 min read