IN BRIEF: Chariot gets $6 million from share offer ahead of demerger

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Chariot Ltd - London-based, African-focused company working on wind power, green hydrogen, and gas projects in Morocco and Mauritania - Raises $5.5 million net from the placing and subscription of 322.8 million new Chariot shares at 1.4 pence each. This includes $1.0 million from a subscription by company directors and senior managers. Chariot hopes to raise up to a further $1 million from an open offer to existing shareholders at 1 new shares for each 23 existing shares held.

Chariot said it will use the money to secure its stake and participation in its Upstream and Renewable Power businesses, as it prepares to demerge these into two stand-alone businesses. Chief Executive Officer Adonis Pouroulis says this will ‘unlock the value that is currently unrecognised within the group’. Earlier this month, Chariot took back offshore gas interests in Morocco from Energean PLC.

Current stock price: 1.60p, up 12% in London on Monday

12-month change: down 82%

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