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LONDON (Alliance News) - San Leon Energy PLC on Friday said hedge fund Toscafund Asset Management LLP has increased its holding in the company.
Back in December, Toscafund called on San Leon, which owns oil and gas assets in Europe and North Africa, to engage with potential suitors which had tabled a bid for the company.
Earlier that month, San Leon said it had received an offer of 80.00 pence per share from China's Geron Energy Investment, valuing San Leon at GBP354.4 million.
Toscafund urged San Leon to engage with the bidder but also cited two independent reports which valued San Leon at 100p to 130p, suggesting the hedge fund thinks San Leon can squeeze more out of Geron.
No updates have been provided on the potential offer since December.
On Friday, San Leon said Toscafund has bought a further 1.5 million shares in the company, about 0.3% of the total, at 53.75p to 54.00p. It now owns 252.9 million shares in San Leon, or a 56% stake. The stock was up 0.7% at 55.88p on Friday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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