President Energy shares plunge as Atome is admitted to AIM

President Energy shares plunged on Thursday afternoon, following the admission of Atome Energy to trading on AIM and completion of the dividend in specie in relation to Atome.

Atome's shares were admitted to trading on AIM as an independent company on Thursday morning, with an initial market capitalisation of £26m.

President confirmed that distribution, by way of a dividend in specie of President's shares in Atome, was now complete.

After the distribution, President said it continued to hold 27.9% of Atome.

“President notes the announcement by Atome Energy of Atome's shares to trading on AIM, and congratulates Atome and all its shareholders on this and Atome becoming an independent green hydrogen and ammonia production company,” the board said in its statement.

“President further confirms that the dividend in specie referred to in previous announcements of President and latterly on 17 December has now been made.

“An operational update relating to President's own conventional oil and gas business will be made after the new year, with all current operations proceeding in line with expectations.”

At 1434 GMT, shares in President Energy were down 18.9% at 2.03p.