LONDON (Alliance News) - Senterra Energy PLC started trading on London's Main Market on Tuesday, with shares in the oil and gas acquisition vehicle rising.
The company raised GBP1.25 million gross via the issue of 25.0 million shares at 5.00 pence per share. Mid-morning on Tuesday, its shares were trading at 5.41 pence, up 8.2% from its IPO price.
The company has been created in order to undertake an acquisition in the oil and gas sector, targeting a deal worth between GBP1.0 million and GBP5.0 million.
"We are pleased to have successfully concluded the admission and firmly believe that current market conditions present compelling opportunities to acquire a cash generative Oil & Gas company with strong upside potential; we look forward to executing the next steps and updating the market as developments unfold," said Chairman Kurt Portmann.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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