Angus Energy PLC (LON:ANGS) shares advanced around 12% in Wednesday’s early deals as the company revealed that Bergen Asset Management had reduced its shareholding in the company below the 3% minimum reporting threshold.
A stock market statement, the latest in recent a series of announcements, revealed that Bergen’s stake in Angus had reduced from 5.01% to below 3% on 15 October.
The company previously, in April, issued convertible securities worth £3mln to Bergen to support the acquisition of Angus’s stake in the Balcombe project, onshore UK.
I reckon Bergen are out of Angus now. If not put then very nearly out. Brilliant. @angusenergyplc Happy days.— David Lenigas (@DavidLenigas) October 17, 2018
Earlier this month, Angus reported the results from a horizontal well test at Balcome which impressed investors and strengthened its share price.
Bergen’s disposals, or potential exit, would effectively remove a possible ‘overhang’ or impediment to the AIM-quoted share.