Henderson ups share in Bayfield

Published on 30/01/2013 00:00

Institutional giant Henderson Global Investors took advantage of Bayfield Energy’s £56 million share issue to raise its stake in the company to more than 10 per cent.

AIM-listed Bayfield raised the funds ahead of its reverse takeover by Trinity Exploration and Production, in a deal led by industry veteran Bruce Dingwall. The merger is expected to complete in mid-February subject to shareholder approval.

The company was re-admitted to trading on Monday following 15-week suspension ahead of the takeover. Yesterday, shares closed down at 14.25p from 20.75p on its last day of trading in October. Shares continued their slide in value yesterday, closing 5 per cent down.

After a series of investor roadshows, Henderson upped its stake from below 5 per cent to 10.11 per cent.

The oversubscribed 120p per share placing involved the issue of 47.5 million shares. The price and volume of the shares issued reflects a proposed one for ten reverse stock split.