24th Apr 2009 17:44
24 April 2009
MAPLE ENERGY PLC
("Maple" or the "Company")
Notification of Transactions of Directors, Persons Discharging Managerial Responsibilities ("PDMR") or Connected Persons
Maple Energy plc (AIM: MPLE; LIMA: MPLE), an integrated energy company with assets in Peru, announces today that on 23 April 2009 Mr. Rex Canon, the Company's Chief Executive Officer, has satisfied the repurchase obligation of the sale and repurchase agreement (the "Agreement") as announced on 26 September 2008.
The Agreement was entered into with Credibolsa SAB, a regulated broker dealer in Peru, pursuant to which Mr. Canon sold 121,283 ordinary shares in the Company beneficially owned by Mr. Canon (the "Shares") at a price of $4.10 per ordinary share with an obligation to repurchase the Shares on or before 23 April 2009 at a price of $4.29 per ordinary share, or an aggregate repurchase price of $520,795, plus certain fees (the "Repurchase Price").
The Repurchase Price of the Agreement was funded through a combination of Mr. Canon's available cash and proceeds from a second sale and repurchase agreement with Credibolsa SAB (the "Second Agreement"). The number of ordinary shares in the Company beneficially owned by Mr. Canon to be sold and repurchased under the Second Agreement has been limited to that number of shares which is required to raise a sufficient amount of funds to repay the balance of the Repurchase Price exceeding the available cash contributed by Mr. Canon.
Under the terms of the Second Agreement, Mr. Canon sold 66,400 ordinary shares in the Company beneficially owned by Mr. Canon at a price of $3.01 per ordinary share, while assuming an obligation to repurchase such shares on or before 19 November 2009 at a price of $3.15 per ordinary share, or an aggregate repurchase price of $208,900, plus certain fees. The financing terms of the Second Agreement remain identical to the Agreement in all aspects.
Following the Second Agreement, and prior to the repurchase of such ordinary shares, Mr. Canon will beneficially own 7,946,210 ordinary shares in the Company, or 8.9% of the outstanding share capital of the Company on a non-diluted basis.
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 WheelerSchuyler Evans
Mirabaud Securities Ltd (+44 20 7321 2508)
Peter Krens
Rory Scott
Citigate Dewe Rogerson (+44 20 7638 9571)Martin JacksonGeorge 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 and equity interest in Aguaytía Energy, LLC, a joint venture in which Maple owns an approximate 17.5% effective economic interest. 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
- Oil and Gas Exploration. Significant exploration opportunities through a:- 100% working interest in Block 31-E, containing the Santa Rosa, San Roque and Cashiboya Deep prospects and- significant working interest in the Aguaytía Deep Prospect in Block 31-C
Related Shares:
MPLE.L