Salamander Energy investors burned as deal hopes slither away

 

Salamander Energy investors hoping for a windfall from a juicy takeover bid have been disappointed.

The Asian-focused oil and gas explorer fell to the bottom of the small-cap index, down 8p at 119.5p, after admitting it had called time on efforts to sell itself. Salamander put the ‘For Sale’ sign out in May, after the touting of assets attracted punters interest in the whole operation.

Shareholders were optimistic about the prospects of a deal, speculating bids could be as high as 200p per share. But whatever offers were made didn’t satisfy the board, which yesterday opted instead to just sell  a 40 per cent stake in its Greater Bualuang field in the Gulf of Thailand to SONA Petroleum for $280m.

Chairman Charles Jamieson said the deal, which will see $50m returned to investors’ pockets, “represents the best outcome for shareholders and the wider Group.”

The bluechip index was quiet, with traders reluctant to take any big positions as geopolitical uncertainties rumble on. Defence stocks continued to be in demand, with gold miners Fresnillo and Randgold Resources up 14.5p to 915.5p and 40p to 5105p respectively and utilities like Severn Trent, up 17p at 1943p, and National Grid, 2.5p better at 866.5p, trading well.

Barratt Developments led the fallers, down 9.4p at 354.2p, after Rightmove’s asking price survey registered its first monthly dip since December. The FTSE 100 lost 21.01 points to 6728.44.

Jefferies came out to bat for TSB, arguing that branch reductions and an IT overhaul could boost the bank’s earnings by as much as 100 per cent in the long-term. TSB was up 7.25p to 292p.

The likelihood of further sanctions against Russia hammered ITE Group, which organises conferences in the area. ITE, down 18p to 197p, warned just last week that instability in Ukraine had hampered performance in the third quarter.

Shanta Gold climbed 0.37p to 14.25p on AIM after better than expected production figures. The Tanzanian gold producer has now had five straight quarters of rising production.

Start your day with The Independent, sign up for daily news emails
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

SThree: Trainee Recruitment Consultant

competitive: SThree: Are you passionate about sales?Do you have a keen interes...

Recruitment Genius: Loan Adviser - OTE £30,000

£17000 - £30000 per annum: Recruitment Genius: This is an exciting opportunity...

Recruitment Genius: Sales Assistant / Buyer

£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...

Recruitment Genius: Customer Service Advisor

£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...

Day In a Page

Greece says 'No': A night of huge celebrations in Athens as voters decisively back Tsipras and his anti-austerity stance in historic referendum

Greece referendum

Greeks say 'No' to austerity and plunge Europe into crisis
Ten years after the 7/7 terror attacks, is Britain an altered state?

7/7 bombings anniversary

Ten years after the terror attacks, is Britain an altered state?
Beautiful evening dresses are some of the loveliest Donatella has created

Versace haute couture review

Beautiful evening dresses are some of the loveliest Donatella has ever created
No hope and no jobs, so Gaza's young risk their lives, climb the fence and run for it

No hope and no jobs in Gaza

So the young risk their lives and run for it
Fashion apps: Retailers roll together shopping and social networking for mobile customers

Fashion apps

Retailers roll together shopping and social networking for mobile customers
The Greek referendum exposes a gaping hole at the heart of the European Union – its distinct lack of any genuine popular legitimacy

Gaping hole at the heart of the European Union

Treatment of Greece has shown up a lack of genuine legitimacy
Number of young homeless in Britain 'more than three times the official figures'

'Everything changed when I went to the hostel'

Number of young homeless people in Britain is 'more than three times the official figures'
Compton Cricket Club

Compton Cricket Club

Portraits of LA cricketers from notorious suburb to be displayed in London
London now the global money-laundering centre for the drug trade, says crime expert

Wlecome to London, drug money-laundering centre for the world

'Mexico is its heart and London is its head'
The Buddhist temple minutes from Centre Court that helps a winner keep on winning

The Buddhist temple minutes from Centre Court

It helps a winner keep on winning
Is this the future of flying: battery-powered planes made of plastic, and without flight decks?

Is this the future of flying?

Battery-powered planes made of plastic, and without flight decks
Isis are barbarians – but the Caliphate is a dream at the heart of all Muslim traditions

Isis are barbarians

but the Caliphate is an ancient Muslim ideal
The Brink's-Mat curse strikes again: three tons of stolen gold that brought only grief

Curse of Brink's Mat strikes again

Death of John 'Goldfinger' Palmer the latest killing related to 1983 heist
Greece debt crisis: 'The ministers talk to us about miracles' – why Greeks are cynical ahead of the bailout referendum

'The ministers talk to us about miracles'

Why Greeks are cynical ahead of the bailout referendum
Call of the wild: How science is learning to decode the way animals communicate

Call of the wild

How science is learning to decode the way animals communicate