Petroneft Resources PLC Share Issue (2651W)
16 Abril 2019 - 1:00AM
UK Regulatory
TIDMPTR
RNS Number : 2651W
Petroneft Resources PLC
16 April 2019
PetroNeft Resources plc
("PetroNeft" or the "Group" or the "Company")
Share Issue
PetroNeft has agreed to issue 13,884,594 Ordinary Shares in
settlement of liabilities as follows:
Shares in lieu of cash to pay David Sturt for deferred
Non-Executive Director fees:
The Company owed Mr Sturt accrued fees totalling EUR44,806 from
his time as non-executive Director of the company up until his
appointment as CEO on 25(th) March 2019. At Mr Sturt's request the
company has settled this debt by providing shares instead of in
cash at based on the weighted average share price for the five days
prior to his commencement as CEO (1.1125p/share) with the total
issued to him being 3,413,390.
Departure Agreement with Dennis Francis:
As part of Mr Francis resignation agreement, he agreed to be
paid part of the fees owed to him in shares instead of cash. Under
this agreement Mr Francis was due to be issued 10,471,204 shares in
settlement of fees totalling US$200,000 (the equivalent of
US$0.0191 per share, 1.458p/share). These shares have now been
issued.
Resultant holdings of Mr Sturt & Mr Francis:
Ordinary Shares Share Issue Resulting holding % of Issued
held prior of Ordinary Shares Share Capital*
to Share Issue
David Sturt 634,615 3,413,390 4,048,005 0.56%
Dennis Francis 25,890,416 10,471,204 36,361,620 5.04%
The Company will apply for admission of the Shares to be traded
on the AIM and Euronext Growth markets. It is expected that
Admission will take place and that trading will commence on or
around 24(th) April 2019.
*This percentage shareholding is based on a total shares now in
issue figure of 721,130,500 ordinary shares.
For further information, contact:
David Sturt, CEO, PetroNeft Resources plc +971 55 191 9808
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END
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