Kerogen sells £41.3m of Energean shares in secondary placing

(Sharecast News) - Energean announced on Wednesday that Stifel had overseen the secondary sale of 4,422,013 of its shares by Kerogen Investments. The FTSE 250 company said the placing shares arose from the conversion of $50m in convertible notes it issued to Kerogen on 25 February 2021.

It said the conversion took place ahead of the final repayment date on 29 December.

On conversion, the placing shares would represent 2.4% of Energean's ordinary share capital.

The shares were sold for 935p each, resulting in gross proceeds of £41.3m.

Eenrgean said settlement of the placing shares was scheduled for 21 December, contingent on the conversion of the convertible notes into ordinary shares.

At 0904 GMT, shares in Energean were down 2.79% at 957.5p.

Reporting by Josh White for Sharecast.com.