RE: Shares can now be bought and sold on Asset Match12 Feb 2022 08:15
UK-based producer JKX Oil & Gas has opted to offer its remaining investors an opportunity to trade their stock on a secondary independent market facility after the company was delisted from the London Stock Exchange at the end of December.
JKX said in a statement this week that it has appointed UK-based financial services platform Asset Match to handle transactions in its shares as shareholders appear to have not been put off by increasing geopolitical risks to the company’s oil and gas business in Ukraine.
The platform will allow existing and new investors to trade ordinary shares by matching buyers and sellers through periodic auctions, the company said.
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Based on the current indicative price of JKX stock on the Asset Match website, it has barely changed from last December, with the market capitalisation of the producer currently estimated at little over £58 million ($79 million).
But many minority shareholders in the producer have decided to retain their holdings after the delisting, with a January offer from JKX to buyback over 40 million of its shares resulting in just 26.9 million shares surrendered by stakeholders, according to an earlier statement of the company.
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A wholly owned subsidiary of JKX operates several fields in Ukraine's Polt