(Alliance News) - Energy sector investor Kistos PLC on Monday unveiled plans for a London float, eyeing raising GBP31.8 million on admission to AIM.
Kistos plans to issue 31.8 million shares at 100 pence in line with its initial public offering. The company will be chaired by Andrew Austin, former executive chair of oil exploration firm RockRose Energy PLC, which was acquired by Viaro for GBP248 million back in August.
Kistos shares are expected to be admitted to trading on Wednesday. Following admission, the company is expected to have a market capitalisation of GBP40.3 million.
"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. The directors believe that the UK's energy transition agenda will create opportunities arising from the government and all our objective of meeting net zero by 2050. I am delighted to welcome the new board, whose depth of experience in legacy energy assets and vision of the energy transition will be central to our growth. We look forward to working with the new shareholders of Kistos following this fundraising," Austin said.
By Eric Cunha; ericcunha@alliancenews.com
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