Meren Energy’s stake in Africa Energy Corp. has fallen below the 10% threshold that triggers early-warning reporting requirements under Canadian securities rules. The change follows Meren’s sale of 5 million Africa Energy shares in June and a subsequent private placement by Africa Energy in August. Meren previously held 55.4 million Africa Energy shares, representing about 11.6% of the company. After selling 5 million shares on Nasdaq Stockholm on June 30, its holding fell to 50.4 million shares, or roughly 10.5%.
Africa Energy then issued 47 million new common shares in a private placement on August 4, increasing its shares outstanding to 526.2 million. Meren’s shareholding remained unchanged at 50.4 million shares, but the new shares diluted its ownership to about 9.6%. Meren said the sale was made for investment and portfolio management purposes. The company said it currently has no plans to acquire additional Africa Energy securities or take other actions that would trigger further early-warning disclosure.
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The move does not prevent Meren from buying or selling Africa Energy shares in the future. For now, however, its holding is below the 10% reporting threshold, ending its requirement to file early-warning reports on the position.
