SHARES in Bayfield Energy fell 27% after trading in them was restored ahead of a proposed reverse takeover by Trinity Exploration and Production.
Dealings recommenced yesterday some 15 weeks after they were suspended following the announcement of the pro-posal for a £45 million deal with Trinity to create the largest Trini- dad-focused oil and gas group.
Trinity Exploration and Production is run by Bruce Dingwall, a founder and former chief executive of the North Sea-focused Venture Production business acquired by Centrica for £1.3 billion in 2009.
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The proposed deal will leave Bayfield shareholders with 45% of the enlarged venture. Trinity shareholders will have 55%.
On Friday, Bayfield said it had conditionally raised $90m (£57m) development funding through a placing, subject to approval by shareholders at a general meeting to be held on February 13.
The placing will involve the company issuing 47,500,000 new ordinary shares at 120p per share. Bayfield said the price and number of placing shares reflect a proposed one for 10 share consolidation.
Shares in Bayfield closed down 5.75p at 15p.
Earlier this month, Mr Dingwall told The Herald he believes Trinidad will provide fertile ground to pursue a strategy that involves acquiring and developing so-called stranded assets.