Ithaca Energy Shares Fall After DKL Energy, Eni UK Sell Shares
By Ian Walker
Ithaca Energy shares fell in early trade after its two biggest shareholders, DKL Energy and Eni UK, sold some of their shares at a discount.
Shares were down 26.50 pence, or 11%, at 211 pence in early morning European trading. They are currently down 91% over the year to date.
Investment bank Peel Hunt said Tuesday that it sold a total of 49.6 million Ithaca shares on behalf of the companies at 213.75 pence, more than expected when the sale was first announced late Monday. The price is a 10% discount to Ithaca's closing price of 237.50 pence Monday.
Late Monday Peel Hunt said it was selling about 33 million Ithaca shares on behalf of DKL and Eni UK via a bookbuild process.
Following the sale DKL will own 834.6 million shares, or 50.5%, and Eni will own 594.05 million shares, or 35.9%, in Ithaca.
DKL is a wholly owned subsidiary of Delek Group and Eni UK is an indirect wholly-owned subsidiary of Eni S.p.A.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
September 02, 2025 04:18 ET (08:18 GMT)
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