Chief of UK-based Europa Oil now holds 0.88pct stake after an open offer

By VCPOST Staff Reporter

Jan 27, 2014 07:58 AM EST

Europa Oil & Gas chief executive Hugh Mackay now owns 0.88% of the company's capital after its open offer, according to Proactive Investors.

The UK-based firm said non-executive director Roderick Corrie now has a 0.20% holding after he acquired some shares in the company, the report said.

Europa said on January 20 that it could have sold the said shares for almost twice the set price under the open offer. The energy firm had 19.3 million shares available for purchase at 6 pence apiece. The company got applications for 37.1 million shares. This means the offer was oversubscribed at 192%, the report explained.

Because of the oversubscription of the offer, the applications will be scaled back and the shareholders will receive about 34.4% of the shares they have originally subscribed to. This is also applicable to the firm's directors, the report detailed.

Europe Oil & Gas is an AIM-listed exploration and production firm that focuses on assets in offshore Ireland, France, and onshore UK, Proactive Investors reported.

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