Harbor Energy’s main shareholder distributes its stake and reduces it to 16%

July 8 (Reuters) – Harbor Energy (HBR.L) said on Friday that top shareholder EIG Asset Management had distributed part of its stake in the North Sea’s biggest oil and gas producer to investors existing ones, leading to a dilution of its stake to 16% from 37%.

The share distribution follows the merger of indebted Premier Oil Plc with private equity Chrysaor Holdings to form Harbor Energy in October 2020. (https://reut.rs/3c2AtoN)

EIG then held 36% of the capital of the newly formed company and has now distributed part of the shares to finance investors.

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The development also comes as Harbor Energy grapples with Britain’s one-off 25% tax on the profits of oil and gas producers, which could lead Harbor to scale back its investment in the country. Read more

Harbor also requested on Friday that the two directors appointed by the EIG, R Blair Thomas and Steve Farris, remain on the board because of their “value and contribution”, and said that Blair Thomas would continue in his position. of president.

EIG’s reduced stake now entitles the shareholder to only one appointed director.

Harbor shares, which have fallen about 9% so far this year, rose 2% on Friday.

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Reporting by Radhika Anilkumar in Bengaluru; edited by Uttaresh.V

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