11th Nov 2024 14:25
(Alliance News) - Seed Innovations Ltd on Monday announced the divestment of its entire stake in Pantheon Resources PLC.
The investor, which backs high-growth life science and technology companies, has sold its interest in Pantheon Resources for gross proceeds of about GBP336,919 at an average of 22.91 pence per share.
Seed invested GBP250,000 in Pantheon, a London-based oil and gas company, in August. It used its cash reserves to pay 17p per Pantheon share.
London-based Seed said the divestment represents a profit of around GBP86,919 or "nearly" six pence per Pantheon share over the three months.
In London on Monday afternoon, Seed Innovation's stock was up 3.5% at 1.50p each.
Pantheon Resources shares were 24% higher at 28.00p. The company had earlier on Monday announced the spudding of its Megrez-1 well in Alaska.
"I am delighted with the outcome of this transaction, which highlights our agility in capturing short-term trading opportunities that drive value for our shareholders," commented Seed's Chief Executive Officer Ed McDermott.
He added: "Our strong cash position of GBP3.8 million continues to both exceed our current market capitalisation (by over 30%) and provide the flexibility needed to capitalise on similar prospects, and as such we anticipate taking advantage of other similar opportunities in the future."
By Emma Curzon, Alliance News reporter
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