EIG ESTABLISHES TRADING PLAN TO PERMIT SALE OF HARBOUR ENERGY PLC SHARES
KUALA LUMPUR, Feb 9 (Bernama) -- EIG, an institutional investor in the global energy and infrastructure sectors, has established a pre-arranged trading plan (the Trading Plan) to permit the sale of up to two million shares (the Shares) of Harbour Energy plc (HBR.L or the Company) held by certain controlled affiliates of EIG.
“As previously announced on July 8, 2022, EIG completed a distribution of the Shares to its various fund investors and affiliated shareholders.
“The distributions were a taxable event for certain EIG affiliated shareholders and, as a result, EIG is undertaking a sale of the Shares pursuant to the Trading Plan primarily to cover such tax obligations,” said EIG in a statement.
The Trading Plan, entered into on Feb 6, 2023, will permit Shares to be sold through March 9, 2023 at times that EIG might otherwise be precluded from doing so under insider trading laws or the Company trading restrictions.
The Trading Plan will be administered by an independent broker and will be subject to preset price, volume and timing restrictions set forth in the Trading Plan.
Following the termination of the Trading Plan, EIG will remain the largest shareholder of the Company, holding approximately 15 per cent of its outstanding shares through managed vehicles and proprietary ownership.
Headquartered in Washington D.C., United States, EIG specialises in private investments in energy and energy-related infrastructure on a global basis.
-- BERNAMA
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