Prime Business AfricaMolar Vessels Supplies Limited, a major shareholder in Caverton Offshore Support Group, has sold off 5.91 million shares to reduce its investment exposure in the marine and aviation company.
The investment vehicle holds indirect shares on behalf of Rotimi Makanjuola, the managing director (MD) of Caverton Helicopters Limited, a subsidiary of Caverton Offshore Support Group, his wife, Yoyinsola Makanjuola and Lolade Abola, director at the subsidiary.
Join our WhatsApp ChannelAccording to an analysis of the shareholder’s trading documents, Molar Vessels sold the shares, valued at N118.72 million, between May 19 and June 19, reducing its stake by 6.84 percent.
Prime Business Africa gathered that Molar Vessels sold 8.57 million shares, valued at N38,07 million on June 18 and 19 (split into 5.09 million units of shares and 3.48 million units of shares).
On June 3 and 17, the investment vehicle sold 3.33 million units of shares and 6 million shares, with both valued at N39.39 million.
Also, the shareholder took out N10.46 million from its investment on June 3, N6.17 million on May 20 and N24.62 million on May 19, after selling 2.67 million shares, 1.56 million shares and 5.91 million shares on each of the aforementioned dates.
The sell-off reduced Molar Vessels’ shares in Caverton Offshore Support Group from 410,02 million shares, representing a 12.24 percent stake, and worth N1.72 billion as of May 18, to 381.95 million shares.
Although the reduction in shares did not reduce the value of Molar Vessels’ investment, rather it increased to N1,99 billion as of Friday, June 27, as Caverton Offshore’s share price has appreciated by 24.28 percent within the period the shares were sold.
The company’s share price had increased by N1.02 following strong demand for its shares, leading to the price jumping from N4.20 kobo per share on May 18 to N5.22 kobo per share on Friday.
Year-to-date, Caverton Offshore’s share price has experienced a bullish run, which has pushed up the price of the shares from N2.55 kobo on January 2 and N5.22 kobo on June 27, indicating an increase of 104.70 percent within six months.
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