Shares in Ithaca Energy (IAE) slipped 9 per cent following downbeat revelations about one of its producing assets by a minority partner, Lochard Energy (LHD). Lochard's management made the disclosure when responding to a letter from an angry shareholder group.
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Some minority shareholders of Lochard are up in arms after the company's board of directors agreed to be taken over by Tom Cross' Parkmead Group (PMG) at a rock-bottom price. The £14.5m acquisition price, at 4.9p a share, represented an 11 per cent discount to Lochard’s closing price the day before the deal was announced and a 60 per cent discount from when Lochard's current management team removed the former group of executives 12 months ago.