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Director/PDMR Shareholding

7th Apr 2014 10:05

RNS Number : 1992E
Maple Energy plc
07 April 2014
 



 

07 April 2014

 

 

 

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 on 04 April 2014, that Mr. Tony Hines, the Company's Senior Vice President and Executive Director, was forced to execute several trades involving the Company's shares (the "Shares") in order to satisfy certain unexpected obligations under his outstanding sale and repurchase agreements (the "Repo Agreements"), details of which were disclosed on 11 February 2014.

 

Specifically, as a result of the decline in the value of the collateral supporting the Repo Agreements due to the recent steep decline in the Company's share price, Mr. Hines was forced to fulfill a substantial portion of the payment obligations under the Repo Agreements on 04 April 2014. In order to satisfy these obligations, Mr. Hines used the proceeds from the sale of 2,558,067 Shares, sold at an average price per share of approximately US$0.16 (0.10p*), along with additional personal cash, to satisfy these obligations and repurchase 1,634,850 Shares at a price per share of US$0.35 (0.21p*).

 

Following the completion of the transactions described above, Mr. Tony Hines beneficially owns 5,534,260 ordinary shares or 3.37% of the outstanding share capital of Company on a non-diluted basis; and has a remaining outstanding balance under his remaining Repo Agreement equivalent to approximately US$205,000.

 

\* The exchange rate used was 1.6575 for US$/UK sterling calculated as of 04 April 2014.

 

 

For further information, please contact:

 

Maple Energy plc (+ 51 1 611 4000)

Guillermo Ferreyros Cannock, Chief Executive Officer, and Executive Director

 

Cenkos Securities plc (+ 44 131 220 6939)

Derrick Lee

Alan Stewart

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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