Shareholders in Parkmead have approved the oil explorer’s plans to raise almost £20 million to accelerate its growth in the North Sea and seek out acquisition opportunities.
Executive chairman Tom Cross, who will see his stake in the firm rise to 27.19 per cent following the share placing and debt-for-equity swap, said the fundraising had received the support of a number of “high quality” institutional investors.
He added: “The board is looking forward to continuing the progress made over the last 12 months and considers the outlook for 2013 to be very positive.”
Gyllenhammar cuts Superglass holding
Activist investor Peter Gyllenhammar has reduced his stake in Superglass, just two months after buying more shares in the Stirling-based insulation maker.
Having bought an 8.2 per cent stake in the firm in August, Gyllenhammar raised that to 14.7 per cent in November. The firm said yesterday that he has cut his holding to 9.4 per cent after selling 2.6 million shares.
Superglass is introducing new technology to cut £1.4m in costs after seeing its profits slump by 75 per cent to £400,000 last year amid “extremely challenging” market conditions.
Engineering outfit targets 40 recruits
CAN Group, the Aberdeen-based oil and gas engineering firm, will today unveil plans to create 40 jobs when it spins its maintenance arm out into a new unit, Engteq.
About 100 of Can Group’s 180 staff will transfer to Engteq’s purpose-built £5 million engineering centre, which will open today. The next wave of recruits will work across “integrity management, pipelines, structural and corrosion disciplines”.
Can Group was founded in 1986 and has been offering the services covered by Engteq for the past 15 years.
Liquidator eyes sale of Liz McColgan gym
FORMER world champion runner Liz McColgan’s health club in Carnoustie has been put into liquidation after it ceased trading in November.
Donald McNaught, director of insolvency at accountancy firm Johnston Carmichael, said: “As liquidator, we are hoping to either sell the property and assets of the health club business as a going concern or find other avenues that will create value for the company’s creditors, including the sale of individual assets.”
McColgan said she had run out of money to keep the gym open during her divorce case.