KAR 0.00% $2.16 karoon energy ltd

Curious Karoon Energy trading catches eyes

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    It's an odd time for one of Karoon Energy's institutional shareholders to bolt for the exit.

    One frustrated shareholder dumped a line of 15.24 million shares in Thursday afternoon trade, worth about 3 per cent of the company.

    The trade went through UBS' equities desk and was at 58.25¢ a share, which is about what the stock traded at for most of Wednesday and Thursday.

    Funds were told it was one institutional investor selling to another. But still, it raised eyebrows.

    It comes as Karoon is trading at a significant discount to its cash backing and the company is under pressure to return cash to shareholders.

    Karoon had $504.5 million of cash and no drawn debt at March 31, and about a $320 million market value.

    Of course much of the cash is to cover its proposed Bauna acquisition in Brazil, although there is doubt about whether the investment case will stack up and the deal will complete given economic and financial market changes.

    Karoon kicked off a strategic review in the March quarter that it said would evaluate whether strategic alternatives could end up a better outcome for shareholders in "a post-pandemic world". It told investors to expect that review to complete in the September quarter.

 
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Last
$2.16
Change
0.000(0.00%)
Mkt cap ! $1.730B
Open High Low Value Volume
$2.19 $2.19 $2.14 $10.36M 4.784M

Buyers (Bids)

No. Vol. Price($)
5 63354 $2.15
 

Sellers (Offers)

Price($) Vol. No.
$2.16 206825 6
View Market Depth
Last trade - 16.10pm 28/03/2024 (20 minute delay) ?
Last
$2.15
  Change
0.000 ( 0.90 %)
Open High Low Volume
$2.18 $2.19 $2.14 1196400
Last updated 15.59pm 28/03/2024 ?
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