Soros Offloads Penn Virginia (PVA) Call Options, Adds Swaps

A 13D filing by Soros Fund Management reveals that George Soros’ beneficial ownership in Penn Virginia Corporation (NYSE:PVA) has fallen to 6,003,509 shares, amounting to an 8.40% stake in the oil and gas exploration company.

In late June Soros beneficially owned 6,253,509 shares, i.e. 9.53%, but this included call options on 250,000 shares of Virginia Corporation (NYSE:PVA), purchased by Soros Fund Management on June 6, 2014. These options had an expiration date of July 19, 2014 and a strike price of $17.00.

As at March 31, PVA had 65,596,359 shares outstanding according to its 10Q filing.

Soros sells 250,000 call options of Penn Virginia, adds swaps

According to the latest filing, Soros Fund Management divested the aforesaid options on July 1, 2014.

This...