(Alliance News) - Regal Petroleum PLC confirmed Friday a majority shareholder did not intend to make any changes to the oil & gas firm following a substantial increase in its stake amid the exit of other investors.
Pelidona Services Ltd increased its stake to 265.0 million shares or 83% of total outstanding shares following a transaction on Thursday, up from its original 173.1 million or 54% holding. Pelidona is indirectly wholly-owned by Ukrainian businessman and politician Vadym Novynskyi.
On Friday, Regal confirmed the acquisition was "undertaken to enable two substantial shareholders to dispose of their respective shareholdings" as well as because Pelidona is "optimistic about the future performance" of Regal.
Regal also confirmed Pelidona is not looking to "seek any changes" at the firm or change its status as an AIM-listed firm on the London Stock Exchange.
In a separate announcement, it was reported Kelda Ltd and Tomkins Trading Ltd had both sold their respective 14% stakes. Kelda and Tomkins had jointly held their stakes through a equally-owned joint venture, Kylestone Ltd, which had a 29% stake in Regal prior to the transaction.
Shares in Regal were 4.9% lower at 38.00 pence in London on Friday.