13th Nov 2013 11:49
LONDON (Alliance News) - Bowleven PLC Wednesday said Chief Executive Officer Kevin Hart acquired 100,000 shares at a price of 45 pence per share.
Following this transaction, Hart holds 2.7 million shares, which represents 0.9% of the issued share capital of the oil and gas company as of Wednesday.
Shares in Bowleven fell sharply Wednesday after the company announced, prior to the market open, that it would seek to raise GBP13.3 million to fund development of its Etinde project, off Cameroon, via a share placing at 45 pence per share. The placing price set a new benchmark for the diluted stock.
Bowleven said Hart acquired the shares on the open market.
Bowleven shares were down 15% at 44.75 pence Wednesday morning. It is well below its 52-week high of 102.00 pence per share.
By Arvind Bhunjun; [email protected]; @arvindbhunjun
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