Ithaca Energy slides as Delek, Eni sell 49.6m shares in placing

(Sharecast News) - Ithaca Energy tumbled on Tuesday after major shareholders Delek and Eni sold just over 49.6m shares in the company in a placing. The shares, which represent around 3% of the total shares outstanding, were sold by way of an accelerated bookbuild to eligible institutional investors at 213.75p each, raising gross proceeds of about £106m.

Following completion of the placing, Israeli energy investor Delek will hold around 50.5% of the equity, while Italian oil and gas explorer Eni will hold 35.9%.

Peel Hunt acted as sole global co-ordinator and joint bookrunner and Discount Capital acted as joint bookrunner on the placing.

At 0850 BST, the shares were down 11% at 211p.