News blog
SovGEM
- BY: Andrew Hore |
- POSTED: 19/06/2008 |
SovGEM has more than doubled the value of its investment in Cadogan Petroleum, which joins Aim on 23 June.
Cadogan raised £139m from a placing at 230p a share, which values the Ukrainian oil and gas company at £531m. SovGEM’s stake cost £460,000 and is valued at £1.23m at the placing price. Conditional dealings in Cadogan shares closed at 205p on 18 June. That will still value the stake at £1.1m.
SovGEM’s estimated net asset value was 30.8p a share at the end of June 18. The shares are currently trading at 22.25p.
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