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.
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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The share price had fallen 8.76%, equal to 45.50p, by 474p by 14:30.
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.
-
New Chase bonus deal takes savings rate to 4.75% – is it worth it?Chase’s latest savings deal propels it into first place in the best-buy tables, but there are some pitfalls to look out for
-
Review: Trasierra – a yoga retreat in the Spanish hillsFlora Connell joins a yoga retreat at Trasierra, in the Sierra Morena mountains north of Seville
