The value of Milton Capital shares experienced a significant increase after the company revealed that it had sold approximately £455,000 ($553,689.5) worth of shares at a premium to various investors. In addition, the company announced the appointment of a new executive director.
As of 0930 GMT, Milton Capital shares were up by 48%, or 0.35 pence, reaching 1.08 pence.
The special acquisition company disclosed that it successfully sold 36.4 million shares at a price of £1.25 each through on-market purchases. This amount represents a remarkable 71% premium in comparison to the closing price of £0.73 on the previous day.
Among the shareholders involved in the sale were Director Malcolm Burne, according to the company. Edward Dawson and Richard Mays, who purchased shares, will also be joining the board as executive director and nonexecutive director respectively.
Eran Zucker, the founder of Milton Capital and the executive director, has elected to resign from the board immediately. However, Zucker will still retain around 2 million shares, equivalent to 2% of the issued capital.
"We are thrilled by the promising oil and gas/energy opportunities that are currently emerging. We strongly believe that the board's expertise and extensive network will enable us to pursue valuable opportunities within this sector," expressed Dawson.
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