The chief executive of one of the largest companies on AIM has raised nearly £126m from a share sale.
Not much more than 10% of the companies on AIM are valued at more than the amount raised by Indus Gas chief executive Ajay Kalsi. He sold 19.35m shares at 650p each. Indus joined AIM in June 2008 at 164p a share.
Kalsi raised a total of £125.8m from his sale of shares in the India-focused oil and gas explorer and producer. Kalsi and his wife still own 69.15% of the Indus, which is worth £850m.
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
Lloyds Banking increased its stake in Indus from less than 10% to 11.96%.
Indus generated its first revenue in the six months to September 2010. At $215,000 it is still modest. The first gas production is being sold to the Ramgarth Power Plant. A second well should be going into production soon.
Indus has gross proven plus probable reserves of 307 bcf.
Top Director Buys
Witan Inv Trust (WTAN) Director name: Mr Andrew L C BellAmount purchased: 10,000 @ 507.50p Value: £50,750
API Group (API) Director name: Mr Andrew TurnerAmount purchased: 310,000 @ 16.00p Value: £49,600
JPMorgan Japan Smaller Companies Trust (JPS) Director name: Mr Chris RusselAmount purchased: 25,000 @ 155.50p Value: £38,875
Servoca (SVCA) Director name: Mr Andrew ChurchAmount purchased: 300,000 @ 7.00p Value: £21,000
Top Director Sells
Indus Gas Ltd. (INDI) Director name: Mr Ajay KalsiAmount sold: 19,351,716 @ 650.00p Value: £125,786,154
Petropavlovsk (POG) Director name: Mr Peter HambroAmount sold: 2,063,210 @ 1,068.00p Value: £22,035,083
Polar Capital Holdings (POLR) Director name: Mr B J D Ashford-RussellAmount sold: 1,300,000 @ 139.00p Value: £1,807,000
Quintain Estates & Development (QED) Director name: Mr Adrian WyattAmount sold: 141,250 @ 39.83p Value: £56,260
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
