RNS indicated 3.299m shares (circa 30%) owned by the Bovill Family and Bjornstad and Jendal A/S have been placed with institutional investors at a price of 520p per share.
Any view on
a) who these might be?
b) Should we see this as a good thing?
many thanks
David
I think if you go to the RNS announcements you will find that the founding family member, Bovill, was fired and it looked like more bad news was likely. The placement suggests that the old guard have been cleared out. I seem to remember that the CEO of the American subsidiary has taken over. They are being sued by the previous owners of Earthoil (an acquisition) over their earn out. They are putting out bullish trading statements.
It is probably a good thing that the old management have gone. Whether the new management will be any better is the tough question. They certainly seem more aggressive.
