Coastal Africa Group Debuts on London Bourse Following GBP17.4 Million Fundraising
Coastal Africa Group (CAGL.L) began trading on the London stock exchange on Wednesday after raising 17.4 million pounds sterling through an issue of 10,783,627 shares priced at 1.61 pound each.Following admission, the oil and gas-focused investor will have 135,783,627 shares in issue with a market capitalization of 218.7 million pounds. Separately, BP Oil International, a unit of energy giant BP (BP.L), agreed to subscribe for 10 million pounds in convertible loan notes.Coastal Africa will use the proceeds to acquire a portfolio of minority, non-controlling interests in assets in the West African oil and gas sector, cover transaction-related due diligence and corporate costs, and support a planned acquisition aimed at transforming the business into an operating company.