An activist investor, Julien Balkany, has taken an interest in a 3 million share position in a European-based oil exploration company with plans to oust four members of the current board of directors, sources familiar with the situation tell ValueWalk.
Panoro Energy ASA (OTCMKTS:PESAF) is a oil company that has struggled mightily in 2014. With exploration assets near Ebola ravaged West African nations, the company’s stock price has seen a drop from a peak of 3.680 on the Oslo exchange to drop to a yearly low of 2.7 amid what is characterized as a lack of focus to capture opportunity.
Unnamed activist building a position in Panoro Energy
According to the source with direct knowledge of the matter, Balkany, well known in the...
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