Shares in the energy company with a focus on developing Chinese unconventional gas assets, Sino Gas & Energy Holdings Limited (ASX: SEH) surged in May after private equity firm Lone Star proposed to acquire 100% of the company’s shares.
The Foreign Investment Review Board approved the scheme and Sino’s quarterly activities report (released today) reported that directors had unanimously agreed shareholders should vote in favour of the scheme.
Sino shareholders are due to vote at the scheme meeting in late August.
Sino delivered strong operational performance in the first half and has reaffirmed its 2018 production guidance, despite issues with the commissioning of Linxing North.
Other energy stocks worth keeping an eye on at present include Cooper Energy Ltd (ASX: COE) which surged to a 52-week high last week after the release of its quarterly report. It saw full-year revenue jump 71%.
Beach Energy Ltd (ASX: BPT) didn’t fare so well in terms of share prices last week, slipping 7% from a July 11 high of $1.93 to close off Friday trading at $1.79.
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Motley Fool contributor Carin Pickworth has no position in any of the 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 Scott Phillips.