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|| Shares of UK's Parkmead Group fluctuates as Middle Eastern investor reduced stake

parkmead.pngShares in Aberdeen-based Parkmead Group, provider of business services and investors in the energy sector, has fluctuated recently as a Middle Eastern investment fund had reduced its stake - Herald Scotland is reporting.

More details from Herald Scotland follows

Jan 8, 2011 - Shares in Aberdeen-based Parkmead Group, which is led by former Dana Petroleum chief executive Tom Cross, gyrated wildly yesterday as the company revealed one investor had reduced its stake.

The shares, which had slid sharply in recent sessions after a strong climb, were showing further significant losses for a while yesterday but they rebounded strongly later to finish up 1.5p on the day at 21p.

Parkmead told the stock market Nightwish Investments, described by Mr Cross as a Middle Eastern investment fund, no longer had a notifiable interest in the company.

Mr Cross emphasised to The Herald that Nightwish had only trimmed its stake slightly. He said Nightwish had reduced its holding from the 20.3 million shares or 3.36% notified on December 23 to 17.951 million shares or 2.97%. A notifiable interest is one which is greater than 3%. And he added: “They are obviously sitting on a big profit. It is not surprising they took a little bit off the table.”

Parkmead shares, which were trading around 1.6p before Mr Cross’s appointment as executive chairman was announced in October, have risen as high as 39.75p since. Mr Cross – who built Aberdeen-based Dana over 14 years and made about $90.57m (£57m) from the company’s $2.97 billion (£1.87 billion) sale this autumn to the Korea National Oil Corporation – plans to build a portfolio of oil assets in the North Sea and in north and west Africa at Parkmead.

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