Based on the 2 x holdings RNS’s today it looks like Global Reserve Group LLC has bought Caledonia Investment’s 14.4% stake in Serica Energy (part of thesharehub’s B-list).
This will be welcome news to Serica Shareholders as the prospect of having one large II exit a stock and another enter can often be a drip drip affair and leave the day to day share price static for many weeks to come.
The deal appears to have been done yesterday which suggests both parties were satisfied with the 31p valuation. That said – the share transaction has not yet been noted on the ‘trades’ so may be confirmed in the coming days.
Global are an interesting outfit and it is certainly worth investors checking their new II’s out… There’s plenty lined up for Serica in the last few months with North Sea drilling underway and the much awaited 3D Namibian seismics results via BP. Global certainly have timed their entry nicely.
Global Reserve Group was launched in 2011 by Jeffrey Harris following a twenty-nine year career at Warburg Pincus to advise and invest in growing companies in the oil and gas industry around the world. The firm is positioned to provide $25-300 million of equity for growing companies, and is prepared to get involved both in the start-up and development phases of a business where it has a strong track record of adding value to management teams, especially those seeking patient capital and expertise in financing a rapid growth trajectory whether it be for E&P or oilfield services.