Energean slides on share placing

Energean tumbled on Tuesday on news that Third Point Hellenic Recovery was placing around 6 million shares in the exploration and production company.

The amount of shares being placed represents a stake of around 3.4% and Third Point is Energean’s biggest shareholder.

Bank of America and Stifel are acting as joint bookrunners.

At 0910 GMT, Energean shares were down 7.3% at 728.20p.