7th Apr 2014 11:32
LONDON (Alliance News) - Maple Energy PLC said its Senior Vice President and Executive Director Tony Hines sold 2.6 million shares in the company at an average price of 0.1 pence per share on Friday.
The energy company, with operations in Peru, said Hines sold the shares in order to satisfy certain unexpected obligations under his outstanding sale and repurchase agreements after a decline in the value of the collateral supporting his Repo Agreements.
Maple Energy said that following the sale, Hines repurchased 1.6 million shares at a price of 0.21 pence.
The company said that following the transactions, Hines beneficially owns 5.5 million shares or 3.37% of the share capital of the company and has a remaining balance under his remaining Repo Agreement equivalent to roughly USD205,000.
Maple Energy shares were up 4.8% to 11.00 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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