The decision by one of Gulfport Energy’s investors to sell more than half-a-million shares in the company was finalized with a sale locked in at $50,515,500.
A regulatory filing showed the sale by Silver Point Capital L.P. involved 550,000 shares that were sold at a value of $128.21 each.
Gulfport Energy Corporation announced earlier in the week of the proposed block trade of more than 653,000 shares by Silver Point Capital, L.P. At the time of the offering of the 653,464 shares, Gulfport shares traded at $132.08 but stock value dropped by more than 2%, falling to $128.58 by Tuesday’s close of trade. The original price at the time of the announcement would have brought more than $86 million dollars.
Following the sale, Silver Point Capital still owns 5,673,438 shares in the Oklahoma City-based company. Silver Point Capital, based in Greenwich, Connecticut, is a hedge fund focusing on credit and special situations investments. Former Goldman Sachs partners Edwarad A. Mule and Robert J.O’Shea founded the firm in 2002.