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Oilman Jim's Private Blog


Petrel Resources - Results of EGM and Issue of New Ordinary Shares

Petrel is pleased to announce that at the EGM held earlier today the ordinary resolution to approve, on a poll, the waiver under Rule 9 of the Irish Takeover Rules was passed.

Accordingly 64,035,976 Ordinary Shares of 1.25 cent each ("New Shares") will be issued to the Tamraz group at the placing price of 1.25 cent each. Following the allotment of the New Shares the Tamraz group will hold 51% of the Enlarged Issued Share Capital of the Company.

Application has been made for the New Shares, which will rank pari passu with the existing Ordinary Shares, to be admitted to trading on AIM and it is expected that this will take place on or around 27 November 2019 ("Admission").

Following the Admission of the 64,035,976 New Shares, Petrel Resources will have 213,382,135 Ordinary Shares in issue which will also represent the total number of voting rights in the Company.  The above figure should be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

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