Andrew Austin of IGas and Rockrose returns to AIM with Kistos

Directors have invested over £14mln in the new company

Andrew Austin of IGas and Rockrose returns to AIM with Kistos
Andrew Austin

Kistos PLC, an investment company set up to buy and run businesses in “energy and the energy transition”, has raised £36mln ahead of a planned AIM float.

Non-executive chairman Andrew Austin previously ran IGas Energy Plc and then founded Rockrose Energy and sold it earlier this year for £247.5mln, with Austin's 27% stake earning him a sizeable windfall.

Austin has personally poured £10.5mln of this into Kistos, partly into an initial fundraising of £4.25mln with other directors and individual investors.

These directors and investors have also invested a further £10mln in a £31.75mln pre-float placing and subscription, which was carried out at a price of 100p per share.

Also on the board are Alan Booth, former chief executive of Ophir Energy Plc; Richard Benmore, a former non-executive director of Rockrose; and Julie Barlow, formerly of Star Energy, Petronas, IGas and Rockrose.

Austin said: “We have established Kistos to invest in energy and the energy transition, with the intention of pursuing a rigorous approach to asset selection and active forward-looking stewardship.”

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