LONDON (Alliance News) - RockRose Energy PLC on Tuesday said it will purchase up to 20% of its outstanding shares as it thinks the potential of the company's assets is not fairly represented in the current stock price.
The oil & gas production and infrastructure company said its total cash balances were equivalent to approximately 555 pence per share, compared to the closing stock price of 547.5p on Monday.
Shares in the company were trading 4.9% higher at 574.38 pence on Tuesday.
The company is proposing to purchase up to 3.1 million ordinary shares through a tender offer at a price of 560 pence per share, representing a 20% premium to the 60-day volume weighted average price per share.
