M&G scales back its stake in Providence Resources

The London fund has shrunk its holding to 8.99 per cent, as the Irish oil exploration firm awaits the go-ahead to finance an appraisal well at Barryroe oil field

James Menton, new chairman of Providence Resources. Picture: Fergal Phillips

M&G, the London-based investment fund, has sold down a portion of its shareholding in Providence Resources, the Irish oil exploration company.

Stock exchange filings last week showed that M&G now holds 87.7 million shares, representing 8.99 per cent of the company’s shares. Prior to this transaction, it had held 9.94 per cent.

It’s not clear when M&G sold the shares, or at what price, and Providence would not confirm any details except to say that ...