2nd Oct 2013 08:52
LONDON (Alliance News) - Maple Energy PLC, an integrated energy company with assets in Peru, said Tony Hines, senior vice president and executive director, entered into three sale and repurchase agreements through the Lima Stock Exchange for the total sale and repurchase of up to 1.1 million shares of the independent oil company operating in Peru.
Maple Energy said Hines sold the 1.1 million shares at a price of USD0.65 per share, while assuming the obligation to repurchase the shares at a price of USD0.68 per share on February 10, 2014.
Hines used a substantial portion of the proceeds from the transaction to fulfill repayment obligations outstanding under existing sale and repurchase agreements that became due on Monday.
Following the sale, but prior to the repurchase in February, Hines continues to hold 7.6 million shares, or 4.6% of the company.
Maple Energy shares were quoted Wednesday morning at 43.00 pence per share, up 0.50p.
By Tom Waite; [email protected]; @thomaslwaite
Copyright 2013 Alliance News Limited. All Rights Reserved.
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