Today's corporate news saw strong financing activity, with Jadestone Energy securing a materially oversubscribed US$200 million bond issue and Seascape Energy Asia completing a highly demanded retail offer. Avacta Group also proposed a £10 million equity raise to advance its oncology development, while Prospex Energy provided an operational update for its Viura project. Significant movements in major holdings included Schroders PLC reducing its stake in Shearwater Group below 5% and activist investor Saba Capital Management disclosing a new 5.48% holding in SDCL Efficiency Income Trust. Additionally, Xtract Resources awarded a substantial 79.7 million share options, signaling potential future dilution.
Prospex Energy PXEN, the AIM-quoted investing company, recently updated the market on its European gas and power projects. The company reported average production rates for January and February 2026 from its Viura project in Rioja, Spain, standing at 101,000 Ncm/d gas and 148 cubic metres of produced water per day. These rates are part of dynamic modelling work expected to conclude by April 2026, after which a steady-state operational regime will be established. The update offers investors insight into the project's current operational performance.
Jadestone Energy JSE, an independent upstream production and development company, has announced the successful placement of a US$200 million senior secured Nordic bond issue. The bond, which matures in 2031 and carries a 12% coupon, was materially oversubscribed, indicating strong investor demand from both Nordic and international markets. The proceeds will bolster the company's financing for its operations focused on the Asia-Pacific region.
Avacta Group AVCT, a clinical stage biopharmaceutical company, has announced a proposed equity placing and subscription aiming to raise approximately £10 million. The company plans to issue new ordinary shares through an accelerated bookbuild and a subscription. This capital injection is intended to support the ongoing development of its pre|CISION tumor-activated oncology delivery platform, advancing its clinical programs.
Seascape Energy, an E&P company focused on Southeast Asia, has reported an exceptional response to its WRAP Retail Offer. The offer was several times oversubscribed, successfully raising approximately £840,000 at 70 pence per share. This strong retail investor interest follows a previously announced placing and subscription, reinforcing investor confidence in the company's regional strategy.
Schroders, a prominent asset manager, has notified a significant reduction in its major holding in Shearwater Group SWG. The firm's stake in the cybersecurity company decreased from 9.65% to 4.95% of shares outstanding, crossing the important 5% notification threshold. This notable disposal by a key institutional investor may prompt market discussion regarding Shearwater Group's outlook.
SDCL Efficiency Income Trust SEIT has reported a new major shareholding by Saba Capital Management, L.P. The activist investment firm has acquired a total position of 5.48% of the voting rights, crossing the 5% disclosure threshold. Saba Capital's entry into a company's shareholder register frequently signals upcoming engagement or pressure for strategic changes.
Xtract Resources XTR has announced the award of 79.7 million new share options to its Directors, employees, consultants, and other officers. This total represents 6.7% of the company's current issued share capital. The options are set to vest in three tranches, providing incentives for key personnel but also marking a significant potential dilution event for existing shareholders if fully exercised.