Cove Energy, the east Africa focused oil and gas company has put itself up for sale as the management looks to extract maximum value from the successful development of its offshore operation in Mozambique.
The announcement today has seen the stock jump 7% in morning trading after a strong 12 months which have seen Cove climb 18.5%.
The board now says it is establishing a data room for interested parties with the sale process to be controlled by Standard Chartered Bank.
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
Cove's current market cap is £590.42m with each share at 120.75p
BS
-
Stamp duty calculator: how much of a UK sold house price is taxed?Our stamp duty calculator shows you how much the tax will cost you, depending on which band the house price you’re paying falls into.
-
Investors return to equity funds – green shoots or end-of-tax-year blip?Equity funds saw net inflows in March for the first time in over three years. What’s driving this behaviour, and which regions are proving most popular?
