HSBC bank has increased its stake in IGas, which is currently drilling for shale gas at Tinker Lane in Nottinghamshire.
A notice, issued by IGas yesterday, confirmed that HSBC had increased its voting rights to just over 11%, up just over 1%.
According to the notice, HSBC now has 122,077,269 voting rights in IGas.
This is the latest in a series of increases this year in the stake held by the bank in IGas. In less than six months, HSBC has increased its share of voting rights from 5.69% to 11.06%.
HSBC is among a group of institutional shareholders that now appears to own about two-thirds of IGas.
An analysis by DrillOrDrop of RNS notices issued by IGas indicates that the private equity fund, Kerogen Capital, the largest of the company’s significant shareholders, has maintained its 28% stake since April 2017.
The Singapore-based KOG Investments, currently holds just under 15%. Other significant shareholders are J O Hambro Capital Management (4.91%), Royal London AM (8.37%) and Sand Grove Capital (3.7%).
Sand Grove, which is based in the Cayman Islands, has maintained its shareholding since October 2017 but it has gradually increased its stake through financial instruments (RNS). In August 2018, IGas reported an increase in voting rights from this source from 1.26% to 6.51%. There were three more increases, most recently to 10.28% at the end of October 2018.
At the time of writing, IGas shares were down 2.39% on the day at 90p. The most recent increase was on 30 November, to 92.20p. But generally, the trend has been down since a high of 120p on 12 October 2018.
IGas announced on 27 November 2018 that it had spudded the shale gas well at Tinker Lane, near Blyth in north Nottinghamshire. This is the first of the company’s shale gas wells in the east midlands.