Petrel Resources (CDI) (PET)

Sector:

Energy Producers

Index:

FTSE AIM All-Share

 2.20p
   
  • Change Today:
      0.000p
  • 52 Week High: 4.05
  • 52 Week Low: 1.38
  • Currency: UK Pounds
  • Shares Issued: 157.04m
  • Volume: 226,648
  • Market Cap: £3.45m
  • RiskGrade: 380

Petrel asks shareholders to approve share issue to private equity group

By Josh White

Date: Friday 01 Nov 2019

LONDON (ShareCast) - (Sharecast News) - Petrel Resources dispatched a circular to shareholders on Friday, giving notice of an extraordinary general meeting to be held on 21 November, at which approval would be sought to issue 64,035,976 new ordinary shares at 1.25 euro cents per share to the 'Concert Party'.
The AIM-traded firm said the Concert Party consisted of private equity investors and friends and business acquaintances of Roger Edward Tamraz or Michel Fayad.

It explained that, should the shareholders approve, the Concert Party would then hold 51% of the issued ordinary shares of Petrel, with Fayad directly holding 7% of Petrel, Tamraz 7% and Mehraik 3.5%.

Fayad, a director of Petrel, is a private equity investor and founder of Boost Incorporated - an integrated international oil company.

Mehraik is a private investor and president of Tamoil USA, while Tamraz specialises in oil, gas and banking.

Petrel said he founded, among other ventures, Tamoil and Oil Capita, . and was a "leading figure" in the development of the SUMED and BTC pipelines.

The board said it expected that a flow of potential investment proposals would be offered to Petrel, and added that regulatory approval had been received from the Irish Takeover Panel to proceed with the proposals.

"I am absolutely delighted that we have the regulatory clearance to proceed with the increase in shareholding of the group headed up by Tamraz and Fayad to 51% of the issued share capital following the initial subscription by this group in July," said Petrel Resources chairman John Teeling.

"This group brings a wealth of oil, gas and financial expertise to Petrel, and we look forward to a potential flow of deals.

"The future looks exciting."

As at 1214 GMT, shares in Petrel Resources were down 19.24% at 5.55p in London.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

PET Market Data

Currency UK Pounds
Share Price 2.20p
Change Today 0.000p
% Change 0.00 %
52 Week High 4.05
52 Week Low 1.38
Volume 226,648
Shares Issued 157.04m
Market Cap £3.45m
RiskGrade 380

PET Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
61.62% below the market average61.62% below the market average61.62% below the market average61.62% below the market average61.62% below the market average
25.3% below the sector average25.3% below the sector average25.3% below the sector average25.3% below the sector average25.3% below the sector average
Price Trend
49.79% below the market average49.79% below the market average49.79% below the market average49.79% below the market average49.79% below the market average
3.45% above the sector average3.45% above the sector average3.45% above the sector average3.45% above the sector average3.45% above the sector average
Income Not Available
Growth Not Available

PET Dividends

No dividends found

Trades for 16-Aug-2022

Time Volume / Share Price
16:12 26,648 @ 2.10p
12:48 200,000 @ 2.00p

PET Key Personnel

Chair David Horgan
Finance Director James Finn

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