LONDON - Seascape Energy Asia PLC, an exploration and production company operating in Southeast Asia, announced today that its Executive Chairman, James Menzies, has increased his stake in the company by purchasing 158,806 ordinary shares. Following the transaction, Menzies now holds a total of 2,220,604 shares, representing 3.5% of Seascape Energy's enlarged issued share capital.
The purchase occurred on the same day as the company's shares placing and was conducted on the London Stock Exchange (LON:LSEG) at a price of 37.5 pence per share. This move by Menzies is an initial notification, as required by the EU Market Abuse Regulation.
The share acquisition by Menzies is a sign of confidence by a key insider in the firm's prospects. Seascape Energy, which is listed on the London Stock Exchange, has been focusing its efforts on the development and production of energy resources in the Southeast Asian region.
The information regarding this transaction was made public in accordance with Article 19 of the EU Market Abuse Regulation 596/2014. The company has provided the required notification of deal forms for the PDMR transaction, which can be found as part of the regulatory announcement.
This announcement is based on a press release statement and is intended to inform investors of the recent transaction by a person with managerial responsibility within Seascape Energy. It is important for investors to note that such transactions can be indicative of the confidence that company insiders have in the company's future performance, although they do not necessarily predict the future movement of the company's share price.
The details of the transaction were disseminated by RNS, the news service of the London Stock Exchange, which is authorized by the Financial Conduct Authority in the UK to distribute such information.
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