TXO, an AIM quoted oil and gas investment company, has entered into a liquidity facility agreement with Windsor Capital Partners, under which it has issued and allotted 50m shares, equal to 4.29 per cent of the issued share capital to Windsor, in exchange for a promissory note.
The company believes this agreement will allow it to access capital using the natural liquidity that is available in the company's shares in a more cost effective manner than traditional equity line products have offered.
The facility is for a 12 month period and no fees were paid in advance.
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
Tim Baldwin, Chairman, said: "This product enables TXO to benefit from the liquidity seen in the company's shares without putting downward pressure on our share price. It also represents a cost effective mechanism for raising modest amounts of capital, as and when market conditions are favourable."
NR
-
Why CEOs deserve a pay riseOpinion The CEOs of big companies often come under fire for being grossly overpaid. But the truth, as per some economists, is the opposite. Do they merit a pay rise?
-
Europe prepares to stand alone as Trump turns on UkraineSupport for old military alliances is wavering in the US under Donald Trump. Europe’s leaders are rushing to fill the void. Simon Wilson reports
