Rapid builds Enegi stake
RAPID Realisations, the growth business investment fund run out of the North West, has upped its stake in the oil exploration company Enegi Oil.
It now has more than 16% of Enegi after buying an additional 7.2 million shares in the Manchester-based business. It has increased its holding from 3.6 million shares to 10.8 million.
Earlier this month AIM-listed Rapid Realisations said it had looked at more than 100 investment opportunities, but made only three in the six months to June 30.
It bought the Enegi shares on September 11 when they were worth between 6.5p-7.5p. At these prices the transaction cost Rapid around £500,000.
Enegi’s shares have been hammered during 2009, falling from the year’s high of 104p in January. The company has been attempting to exploit exploration opportunities in Newfoundland, Canada, but has encountered a number of setbacks in recent months.
In May Enegi’s chief executive Thom Board left after just six weeks in the job and it has recorded disappointing drilling results at its main exploration site. Last week shareholders backed plans to raise £1.5m with a share placing.
Rapid Realisations, which has stakes in Preston bookmaker Taylormade and Manchester casual dining brand Barburrito, is managed from offices in Haydock by Cenkos Fund Managers.
