Ratio Oil Exploration (1992) LP (TASE:RATI.L) chairman Yigal Landau sold shares in the company for NIS 27.7 million in an off-floor transaction, the company notified the Tel Aviv Stock Exchange (TASE) today.
A source close to the deal said that Landau sold the shares after Ratio received an offer from a large investment institution, partly because Ratio's controlling shareholders injected NIS 8 million into the company in the last offering, and would have to invest NIS 25 million to exercise options in two series of warrants which mature in the coming months.
Ratio owns 15% of the rights to the Leviathan natural gas field, and will own 10% after the farm-out to Australia's Woodside Petroleum Ltd. (ASX: WPL). Ratio's share price has risen 48% in the past six months.
Landau sold 80 million Ratio shares at NIS 0.347 per share, compared with Thursday's closing price of NIS 0.354. Following the sale, he owns 41.2 million shares in Ratio, giving him a stake of 0.55%, after selling 66% of his holding.
Yigal Landau's father, Yeshayahu, also sold four million shares in Ratio for NIS 1.38 million, and now owns 344,000 shares.
Published by Globes [online], Israel business news - www.globes-online.com - on January 13, 2013
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