31st Mar 2015 10:07
LONDON (Alliance News) - Nostrum Oil & Gas PLC Tuesday said Chairman Frank Monstrey sold a total of 18.7 million shares in the oil and gas company on Friday, a deal worth about GBP109 million gross, but the chairman said he has no plans to further sell down his stake.
The shares were sold in separate transactions. 13.8 million shares were sold at GBP5.84 each via Septinvest BV, a connected party, and 4.9 million shares were sold at GBP5.90 each via Claremont Holdings, another connected party.
"Whilst I have sold down a portion of my interest in the company, I remain confident that this company has enormous potential to deliver excellent returns for shareholders. I have dedicated the past 10 years to building the company and I have no intention to sell down my interest further. I will continue to dedicate all my efforts to ensuring that Nostrum reaches its potential going forward," Monstrey said in a statement.
Following the transactions, Monstrey holds a beneficial interest in 32.5 million shares equating to a 17.29% stake in the company.
The stock was trading up 0.4% at 567.00p Tuesday.
By Arvind Bhunjun; [email protected]; @ArvindBhunjun
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