Rocksource Soars on Arctic Securities Bid

Norwegian brokerage Arctic Securities has been mandated by a financial investor to buy at least 20 percent of oil and gas explorer Rocksource (RGT.OL) at an 80 percent premium, Arctic said on Monday, sending the stock sharply higher.

Arctic said it plans to buy 19,674,300 shares at 6.00 crowns apiece, about 80 percent above the stock's 3.34 trading price before it was halted pending the brokerage's announcement.

"The purchase order will commence as of publication of this notice, and will expire on 21 October 2014 at 20:00 CET," Arctic said.

Rocksource shares rose 59 percent to 5.33 crowns by 1238 GMT.

Reporting by Balazs Koranyi