Ophir shares dive on placing of 36m shares

Shares in Ophir Energy fell over eight per cent on Thursday after Credit Suisse confirmed that it has sold 36m shares on behalf the investment funds of two stakeholders, Och-Ziff Capital Management and Mittal Investments.

Shares in Ophir Energy fell over eight per cent on Thursday after Credit Suisse confirmed that it has sold 36m shares on behalf the investment funds of two stakeholders, Och-Ziff Capital Management and Mittal Investments.

The shares, which made up around 9.0% of the issued share capital, were sold at 475p each, raising proceeds of £171m.

Subscribe to MoneyWeek

Become a smarter, better informed investor with MoneyWeek.

Both Och-Ziff and Mittal Investments have consented to a lock-up of 90 days in relation to their respective remaining shareholdings, which make up another 9.0% of the company.

The share price had fallen 8.76%, equal to 45.50p, by 474p by 14:30.

Advertisement
Advertisement - Article continues below

The news overshadowed a positive update from the company out the same day, in which the group said that its 40% owned Mzia-2 appraisal well in Tanzania had been a success, with the Mzia-1 and Mzia-2 columns confirmed to be in direct pressure communication.

The results confirmed a vertical gas column of at least 200m for the Mzia field.

Advertisement

Recommended

Visit/investments/investment-strategy/600861/how-demographics-affects-stock-valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Visit/investments/stocks-and-shares/600863/sirius-minerals-anglo-american-takeover
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Visit/investments/stockmarkets/600634/why-investors-should-be-cautiously-bullish-for-2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020
Visit/investments/stocks-and-shares/share-tips/600636/class-acts-going-cheap-buy-into-europes-best
Share tips

Class acts going cheap: buy into Europe’s best bargains

Value investing appears to be making a comeback, while shares on this side of the Atlantic are more appealing on metrics such as price/earnings ratios…
16 Jan 2020

Most Popular

Visit/investments/stockmarkets/601028/stockmarket-crash-more-to-come
Stockmarkets

Stockmarket crash: more to come

The stockmarket crash was hard and sudden – and it might not be over yet. But while the short term outlook is awful, says Merryn Somerset Webb, that d…
23 Mar 2020
Visit/investments/commodities/gold/601037/gold-is-on-a-wild-ride-so-should-you-be-buying
Gold

Gold is hard to find right now – so should you be buying?

With demand through the roof and the physical metal hard to find, it's not the best time to buy gold. But right now, says Dominic Frisby, you want to …
25 Mar 2020
Visit/trading/601011/international-consolidated-airlines-a-buy-for-the-brave
Trading

International Consolidated Airlines: a buy for the brave

International Consolidated Airlines, BA’s parent company, is dirt cheap and well placed to recover. Here's how to play it.
23 Mar 2020
Visit/economy/eu-economy/601060/the-european-central-bank-throws-away-the-rulebook-to-bail-out-italy
EU Economy

The European Central Bank throws away the rulebook to bail out Italy

The ECB has removed all constraints on asset purchases and will now buy “whatever it takes” to tackle the coronavirus. John Stepek explains what it me…
26 Mar 2020