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Monday, September 26, 2022

Caverton MD Dumps 5.428 million Shares in August Alone

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Shareholders of Caverton Offshore Support Group Plc, a provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria must be wondering what is going on as a firm controlled by the Managing director of Caverton Helicopters has sold some 5.428 million shares in just the month of August.

The share sale netted approximately N9.77 million at an average price of N1.80 per share.

Directors of the company which did the selling, Molar Vessels Supplies Limited, include Rotimi Makanjuola the MD of Caverton Helicopters and Yoyinsola Makanjuola the wife of the chairman of Caverton Offshore.

The share sales took place between August 3 and August 12, 2021 in numerous tranches.

Caverton Offshore recently reported a 1.82 percent increase in net income to N780 million in June 2021, from the year earlier period. This comes as net finance costs (interest on debt and borrowings) for the period jumped by 32.8 percent to N2.432 billion.

Molar Vessels Limited ownership in Caverton fell to 7.49 percent in June 2021, from 9.04 percent in June 2020, data from the financial statement shows.

Insider sales are considered a bearish bet by MoneyCentral as it means smart money insiders are not putting their money where their mouth is.

The business model of Helicopter’s servicing the oil sector in Nigeria is also quite risky as can be seen from a recent accident.

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