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Hot stock: Linc Energy tumbles 29% on news of discussions on notes terms
SHARES of Linc Energy tumbled 29 per cent to S$0.195 each on Thursday after the oil and gas related company said that it was in talks with its US subsidiary's note holders on the terms of the arrangements following the fall in oil prices.
At 4.25 pm, the shares were trading around S$0.225 each, down five cents, or 18 per cent. More than 16 million shares were traded.
Early on Thursday, Linc said in a response to Singapore Exchange's query over its trading activities on Wednesday that the discussions are "ongoing and incomplete".
"The company and its subsidiaries remain in compliance with all its obligations under the terms of all of its credit facilities," it said.
On May 6, Linc shares opened at S$0.32 and eased to S$0.265 before closing at S$0.275. More than 8.33 million shares were traded.