12th Dec 2018 17:53
LONDON (Alliance News) - Diversified Gas & Oil PLC said on Wednesday major shareholder Trive Capital is considering selling its entire stake in the company.
Trive is looking to sell 29.9 million shares, Diversified said, around 5.5% of its share capital, though it may lower this based on demand. Diversified will not get any proceeds from the sale.
The joint bookrunners for the bookbuild are Stifel Nicolaus Europe Ltd and Mirabaud Securities Ltd.
Appalachian Basin-focused Diversified's shares closed 0.4% higher Wednesday at 116.50 pence. Based on this price, the 5.5% stake held by Trive would be worth around GBP34.8 million.
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