Harbour Energy (LSE:HBR), the oil and gas producer, recently recorded the highest stock market valuation of any member of the FTSE 250. Its market cap is now (6 September) £715m ahead of British Land. Promotion to the FTSE 100 looks to be a certainty when the next reshuffle takes place.
The boost in value came after the completion on 4 September of its acquisition of the upstream assets of Wintershall Dea. As part of the deal, new shares were issued to the former owners of the German-based group.
|
Pre-deal |
Post-deal |
|
|---|---|---|
|
Shares held by legacy shareholders |
770,387,788 |
770,387,788 |
|
Shares issued to new shareholders |
– |
921,202,238 |
|
Shares in circulation |
770,387,788 |
1,691,590,026 |
|
Share price (£) |
2.86 |
2.80 |
|
Market cap (£bn) |
2.203 |
4.736 |
Both parties placed a value of $11.2bn (£8.5bn) on Wintershall’s assets. This comprises $4.15bn (£3.15bn) in new shares, the taking on of $4.9bn (£3.72bn) of debt and $2.15bn (£1.63bn) in cash.
But…
