Genel Energy shares slump on London debut

Tuesday 22 November 2011 01:00 GMT

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

Shares in Genel Energy, the Kurdistan-focused oil company run by the former BP boss Tony Hayward, tumbled 8.3 per cent on their debut in London yesterday.

Analysts put the slump down to concerns about corporate governance, in part stemming from the involvement in a senior capacity of Mehmet Sepil, who received a £1m fine from the Financial Services Authority for insider trading.

Yesterday's flotation completed the reverse takeover of Turkey's Genel Enerji by Nat Rothschild's listed cash shell Vallares, headed by Mr Hayward. It is seeking further acquisitions of groups operating in the region, with Norway's DNO thought to be a likely target.

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Stay up to date with notifications from The Independent

Thank you for registering

Genel Energy shares slump on London debut

Join our commenting forum

Thank you for registering