Sunda Energy PLC (AIM:SNDA, FRA:GHA0) shares soared on Wednesday, rising 40% to 1.5p, after it was announced that chief executive Andy Butler has bought £400,000 face value of convertible loan notes linked to the company’s proposed acquisition of Matahio Energy NZ.
Butler paid Alumni Capital £432,000 for the unsecured notes, representing a £32,000 premium to their principal value. The terms will remain unchanged following the transfer, and Butler has indicated that he does not currently intend to convert them into Sunda shares.
The loan notes were previously issued as part of financing arrangements announced in April for the conditional Matahio acquisition.
In April, Sunda announced what was seen as a transformational pivot into New Zealand production whilst arranging up to £6.7 million in fresh funding.
The AIM-listed group has agreed to acquire Matahio Energy NZ, whose onshore Taranaki Basin assets produced around 1,028 barrels of oil equivalent per day in 2025.
