Energean tumbles as CEO sells 5m shares
Energean
1,098.00p
12:19 26/04/24
1.76%
19.00p
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
19,813.91
12:20 26/04/24
n/a
n/a
FTSE 350
4,460.13
12:20 26/04/24
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FTSE All-Share
4,413.56
12:20 26/04/24
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Oil & Gas Producers
9,680.11
12:20 26/04/24
0.32%
30.87
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.