Energean tumbles as CEO sells 5m shares
Energean
1,322.00p
10:24 06/12/22
0.23%
3.00p
Energean shares tumbled on Friday after top shareholder Growthy Holdings - which is owned by the group’s chief executive Mathios Rigas - sold 5m shares.
FTSE 250
19,236.28
10:25 06/12/22
n/a
n/a
FTSE 350
4,170.23
10:25 06/12/22
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FTSE All-Share
4,130.04
10:25 06/12/22
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Oil & Gas Producers
8,163.14
10:24 06/12/22
-1.49%
-123.79
The shares, which represent a stake of around 2.8%, were sold through an accelerated bookbuild to institutional investors at £11.06 each.
The company said: "Mr Rigas remains fully committed to the business and is confident in the outlook for Energean."
Once the sale completes, Rigas will remain a significant shareholder, owning around 15m shares, or a stake of approximately 8.5%.
At 0850 BST, the shares were down 8.5% at 1,073p.