American hedge fund Third Point cashes out of FTSE 250-listed Energean after soaring gas prices push shares close to record highs
American hedge fund Third Point has cashed out of FTSE 250-listed Energean after soaring gas prices pushed shares close to record highs.
The aggressive investment house – which has grabbed headlines for its activist campaign at Shell – sold its remaining 9.8 per cent stake to other institutional shareholders for £170m.
It initially put £45m into the oil and gas company before its float in 2018. But a series of other share sales means the company, which is led by financier Daniel Loeb, has reaped around £275m from the investment.
Cashing out: American hedge fund Third Point has reaped around £275m from its investment in Energean
The exit from Energean comes as Third Point is targeting Shell and urging it to separate into two companies.
Loeb’s group has said the British oil giant is trying to be ‘all things to all people’ by attempting to turn into a renewables group – though boss Ben van Beurden has vehemently opposed Third Point’s calls.
Third Point sold Energean’s stock for 1,010p – slightly lower than the Friday closing price. The hedge fund has left after gas prices have soared. Energean is due to launch its flagship Israeli gas project this year.
Shares closed at 1,039p on Friday and are hovering close to an all-time peak of 1,062p.
Energean is developing the Karish gas field off Israel, which was recently linked up to the country’s gas network.
It produces oil and gas from other sites and has a presence in the North Sea.