Mongolia-focused oil explorer Petro Matad Ltd (AIM: MATD) said it was notified on June 26 that its biggest shareholder Petrovis LLC bought a further 7,250,000 Petro Matad shares through the market, and now has an interest in 39,755,002 shares, a 39.1 percent stake.
Petro Matad announced on June 24 that Petrovis was investing a further £1.35 million in the company via a subscription to 10 million new shares in the group. At the time of the June 24 statement, the company said Petrovis held 27,505,002 shares, or a 28.44 percent stake in Petro Matad.
The 10 million new shares would be issued in two tranches, 5 million at the end of the month and the other 5 million, subject to shareholder approval, in mid-July, the group had said. It also granted Petrovis the right to subscribe for up to a further 5 million new shares at a price of £0.14 per share up to six weeks after the second tranche has been issued.