PERTH (miningweekly.com) – Oil and gas major Santos has confirmed that shareholder ENN Group had offloaded a 5.14% stake in the company.
ENN has sold some 107.1-million shares in Santos, at a price of A$7.33 a share, with Santos telling shareholders that the sale process had been oversubscribed and had received strong support from existing and new institutional shareholders.
ENN has advised Santos that it remains fully supportive of Santos’ strategy and future direction and is excited to remain Santos’ largest individual shareholder with a 9.97% stake.
As a result of the reduced shareholding, the 2017 strategic relationship agreement with ENN regarding board representation and other matters is no longer effective. ENN’s nominated director Eugene Shi will resign from the Santos board following completion of the sale.