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The AWE Limited share price just rocketed 10%

The AWE Limited (ASX: AWE) share price has been one of the biggest movers on the market today.

In afternoon trade the energy company’s shares are up 10% to 48.3 cents.

Although the company released a drilling update this morning, today’s gain appears to relate to a second announcement this afternoon.

According to the release the company has received a notice from Dawney & Co Pty Ltd stating that it wishes to acquire call options over shares in AWE for up to 19.99% of the total shares outstanding.

Management has stated that it is unclear if Dawney & Co intends to provide any consideration for the grant to it of such call options.

The company has received formal documentation from Dawney & Co’s lawyers, but has not yet had the opportunity to review the materials in detail.

At this point in time management advises shareholders to not take action and plans to provide detailed observations in due course.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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