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IN BRIEF: Phoenix Global Resources shares up on proposed AIM delisting

3rd Aug 2022 20:47

Phoenix Global Resources PLC - London-based upstream oil and gas company focused on Argentina - Proposes delisting from AIM and the Buenos Aires Stock Exchange, providing a "cash exit opportunity for shareholders" in the process. Major shareholder Mercuria Energy Group Ltd, which holds an 84% stake, proposes purchasing shares at 7.5p each under the exit opportunity, a 25% premium to its closing price on June 25, the day before it discussed a potential delisting with Mercuria and a 21% premium to Tuesday's closing price of 6.20p.

Will hold general meeting on September 1 to gain at least 75% shareholder approval for the delisting and the scheme.

Current stock price: 7.25 pence, up 17% on Wednesday

12-month change: up 39%

By Dayo Laniyan; [email protected]

Copyright 2022 Alliance News Limited. All Rights Reserved.

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