30th Oct 2009 16:40
30 October 2009
MAPLE ENERGY PLC
("Maple" or the "Company")
Notification of Transactions
By Directors and Persons Discharging Managerial Responsibility Shareholding
Maple Energy plc (AIM: MPLE; LIMA: MPLE), an integrated energy company with assets in Peru, was notified that on 29 October 2009, Mr. Jack Hanks, Chairman of the Board and Executive Director, entered into a sale and repurchase agreement (the "Agreement") through the Lima Stock Exchange for the sale and repurchase of up to 367,850 ordinary shares beneficially owned by Mr. Hanks.
Under the terms of the Agreement, Mr. Hanks will sell 367,850 ordinary shares at a price of $1.37 (83p*) per ordinary share, while assuming an obligation to repurchase such shares at a price of $1.41 (85p*) per ordinary share on or before 27 January 2010. Mr. Hanks expects to use the proceeds from this transaction to fulfill his repayment obligations outstanding under an existing sale and repurchase agreement that will become due on 5 November 2009.
Following the completion of the transaction described above, and prior to the repurchase of such ordinary shares, Mr. Hanks will beneficially own 2,809,590 ordinary shares, or 3.1% of the outstanding share capital of Company on a non-diluted basis.
*The exchange rate used was 1.6561, the rate at Bloomberg for US dollars/UK sterling at 20:23hrs(EST) on 29 October 2009.
For further information, please contact:
Maple Energy plc (+ 51 1 611 4000)
Jack W. Hanks, Chairman of the Board and Executive Director
Rex W. Canon, Chief Executive Officer, President and Executive Director
Jefferies International Limited (+44 20 7029 8000)
Jack Pryde
Paul Wheeler
Schuyler Evans
Citigate Dewe Rogerson (+44 20 7638 9571)
Martin Jackson
George Cazenove
About Maple Energy
Maple is an integrated independent energy company, listed in London and Lima, with assets and operations in Peru engaging in numerous aspects of the energy industry, including:
Maple was admitted to AIM on 13 July 2007 and trades under the symbol "MPLE". The company was also admitted to the Lima Stock Exchange on 21 December 2007 where it trades under the same symbol.
Operations
Maple's operations are conducted and revenues are generated through its wholly-owned subsidiaries. Maple's principal operations consist of the following:
Crude Oil Production. Operator and holder of 100% working interests in its crude-oil producing properties, Blocks 31-B, 31-D and 31-E;
Refining, Marketing and Distribution Operations. Operator of the Pucallpa Refinery and Sales Plant, which has capacity to refine up to (i) 3,400 barrels per day of crude oil producing Residual 5 fuel oil, (ii) 3,000 barrels per day of crude oil producing Residual 6 fuel oil or (iii) 4,100 barrels per day of natural gasolines. This plant also includes sales and distribution operations in the central Peruvian jungle, central Peruvian highlands and Lima regions;
Ethanol Project. Project developer and major shareholder in an estimated US$ 222 million (excluding value-added taxes) ethanol project located in the Piura Region on the northwest coast of Peru;
Forward-Looking Statements
Statements contained in this document, particularly those regarding possible, projected, or assumed future performance and results, including growth outlook, forecasted economics, operations, production, contracting, costs, prices, earnings, returns, and potential growth, are or may include forward-looking statements. Such statements relate to future events and expectations and as such involve known and unknown risks and uncertainties. These risks and uncertainties include, among other things, market conditions, weather risks, economic and political risks, and other factors discussed in Maple's Admission Document available on the Company's website (www.maple-energy.com). Forward-looking statements are not guarantees of future performance or an assurance that Maple's current assumptions and projections are valid. Actual results, actions, and developments may differ materially from those expressed or implied by those forward-looking statements depending on a variety of factors. Furthermore, any forward -looking statements presented are expressed in good faith and are believed to have a reasonable basis as of the date of this release. These forward-looking statements speak only as at the date of this release, and Maple does not assume any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
Related Shares:
MPLE.L