Finance News Oil & Gas

i3 Energy shareholder funds net £16.2m from sale of 60m shares

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I3 Energy plc said that three funds gained £16.2 million after selling an aggregate of 60 million ordinary shares in the company each at 27 pence.

SELLERS

The sellers are Bybrook Capital Master Fund LP, Bybrook Capital Hazelton Master Fund LP and Bybrook Capital Badminton Fund LP.

Cairn Capital Ltd acted for and on behalf of the sellers as the investment manager. 

Stifel Nicolaus Europe Ltd and Tennyson Securities, a trading name of Shard Capital Partners LLP, acted as joint bookrunners on the placing.

SHARE CAPITAL

i3 Energy said that the placing shares represented approximately 5.3% of the company’s issued share capital and 20% of the sellers’ combined holding in the company.

Following the placing the sellers together hold an aggregate of 234,334,943 ordinary shares in i3, representing approximately 21%.

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