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Sound Energy completes disposal of Italian subsidiary
AIM-quoted upstream company Sound Energy completed the divestment of its Italian subsidiary to Coro Energy on Monday morning after its shareholders were issued with their pro-rata entitlement to the consideration payable.
The Moroccan focused power group offloaded Sound Energy Holdings Italy to Coro for 185.9m shares in the group and a 5% royalty on all revenue derived from the exploration licence DR74AP, also known as Laura.
As a result of the divestment, the Coro consideration shares represented approximately 25.9% of the enlarged issued share capital of the firm formerly known as Saffron Energy, which was re-admitted to trading under its new name on Monday.
As of 1120 BST, shares had collected 0.20% to 44.59p.