UPDATE 2-Investor calls on Ensco Rowan to sell debt to fund $2.5 bln dividend [Reuters (UK)]
ENSCO (ESV)
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Source: Reuters
Investor calls on Ensco Rowan to sell debt to fund $2.5 billion dividend - Reuters 2 Min Read (Reuters) - Ensco Rowan Plc investor Luminus Management on Wednesday urged the deep-sea oil driller to sell guaranteed bonds to fund a special dividend of $2.5 billion, citing the stock’s “disappointing” performance despite a recent acquisition. Shares of Ensco Rowan - formed after Ensco bought Rowan in April for $2.38 billion - fell more than 7% to their lowest in more than two decades, amid a broader drop in energy stocks as crude prices plunged about 2%. “Extremely disappointed by the absolute and relative trading performance of Ensco Rowan both before, and since, consummation of the Ensco-Rowan merger,” Luminus said in a letter to Ensco Rowan’s board. A commitment to pay out the dividend should lead to an immediate re-rating of the stock, according to Luminus, an investment advisor to funds that own 4.5% of Ensco Rowan. Ensco Rowan’s shares have more than halved in value since the merger
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