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 LLC. Mr 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." |
