Magma Energy, ownership and company details
Magma Energy Maule drill site, Chile (source: Magma Energy)
Alexander Richter
2 Aug 2010
As an update on an article from 2009, here some more details about the company's shareholders and availability of information.
In one of the most frequented articles on ThinkGeoEnergy, primarily from Iceland, we talked about the shareholders in Magma Energy back in 2009.
There seems to be a perception about the company that there is an unclear ownership structure, based on the ongoing political debate on foreign ownership in energy companies in Iceland.
Given that Magma Energy is a listed entity on the Toronto Stock Exchange the company needs to very transparent with regards to its reporting etc., so actually there is a large pool of information out there about the company.
The current shareholders of the company are: Ross Beaty/ Sitka Foundation (private environmental foundation) with 45.38%, institutional shareholders 34.58%, retail shareholders 15.48% and AltaGas Income Trust 4.56%.
Given the latest placement, it can be expected that the shareholding will look somewhat but not fundamentally different.
Institutional shareholders are likely various players from the financial world, or even strategic investors. Examples could be investment funds (energy, clean tech, mining etc.). Retail shareholders are in most cases smaller individual investors that like to hold shares for investment purposes.
The company is covered by a number of financial analysts, most if not all of them in Toronto, Canada.
For companies listed on the Toronto Stock Exchange, there is a website which helds corporate documents and reporting in a publicly available database. The website is sedar.com. The link to the site and corporate reports can be found on Magma Energy’s website.
The Toronto Stock Exchange is today one of the pre-eminent mining exchanges with more than 1,400 companies listed. The oil & gas sector is also quite active on the exchange. In recent years the TSX has also positioned itself as a clean-tech exchange and is today one of two exchanges with a small geothermal representation. The Australian stock exchange has a large number of geothermal companies listed and so does the TSX with today 5 listed development companies.
