Petroceltic says Iberdrola shareholding sold on at a premium
18 January 2010
Oil and gas group Petroceltic International has reported that a 15.68% chunk of its shares has been successfully redistributed following a decision by Spanish energy group Iberdrola to exit its position in the company.
Iberdrola sold 215,769,231 ordinary shares last week to a group of existing and new Petroceltic shareholders at 16p per share, a 1p per share premium to the previous day's closing price. The placing was co-ordinated by Petroceltic's brokers Mirabaud and Davy.
Iberdrola’s decision to sell its holding in Petroceltic forms part of its asset disposal programme for 2008-2010, in which it is aiming to free-up €2.5 billion by selling non-core assets.
The shareholding had originally been part of a deal that gave Iberdrola the option to buy a 49% interest in any of Petroceltic's upstream assets. That deal has now been terminated and Petroceltic has agreed to repay the $7.3 million option fee paid by Iberdrola in January 2009, over the next 18 months.
Iberdrola's representative on the Petroceltic board, Pablo Fuentes-Cantillana, has resigned as a director with immediate effect.
Brian O'Cathain, the chief executive of Petroceltic, said: “We are delighted that the principal shareholders in Petroceltic have expressed their strong support for the company by acquiring the Iberdrola stake at a premium to market.”
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