Dallas, Texas 12/30/2013 (FIANACIALSTRENDS) – Cheniere Energy, Inc. (NYSEMKT:LNG) is an $9.66 billion market capped oil and gas pipeline and transportation provider. It has been in the news recently thanks to one of its subsidiaries making a public offering of its common stock in early December. Post the offer announcement, the stock had posted close to 8.2 percent gains in the past one month of trading.
Cheniere Energy, Inc. (NYSEMKT:LNG) is an $9.66 billion market capped oil and gas pipeline and transportation provider. It has been in the news recently thanks to one of its subsidiaries making a public offering of its common stock in early December. Post the offer announcement, the stock had posted close to 8.2 percent gains in the past one month of trading.
Hence the news that couple of its executives have decided to reduce their stock holding in the firm has led to a lot of speculation among investors and industry watchers. The high officials at Cheniere Energy, Inc. (NYSEMKT:LNG) who have sold their holding are Abiteboul Jean and Gentle Meg. While Abiteboul is a Sr VP for international operations sold close to 60000 shares to raise $0.25 million, Gentle who heads marketing at the oil firm sold 240,000 shares to raise $0.98 million on December 23. With this sell out, Abiteboul will have 854,639 shares left, while Gentle owned 1.4 million shares.
Speculation has been raging around the reasons why the two top officials felt it necessary to sell part of their stock holding at a discount. This is because, the price of one share of Cheniere Energy, Inc. (NYSEMKT:LNG) had settled at $44.9 per share a day after the markets opened post Christmas. This means the VP’s sold at discount of 8 percent of prevailing prices when the stock had posted gains of 8 percent in the past one month of trading and has gone up by 30 percent in the past one month.
Readers should note that Cheniere Energy, Inc. (NYSEMKT:LNG) had in mid December announced that it was planning to mop up additional funds from the market by offering a IPO for one of its wholly owned subsidiaries Cheniere Energy Partners LP Holdings, LLC (NYSE MKT: CQH). As part of the resource mobilization plan close to 36,000,000 million shares are to be offered to public to raise close to $720 million.
