Soros Fund Management Starts Adira Energy (ADENF) Position ~ market folly

Thursday, March 3, 2011

Soros Fund Management Starts Adira Energy (ADENF) Position

George Soros' firm, Soros Fund Management, has filed a 13G with the SEC regarding shares of Adira Energy (ADENF). Per portfolio activity on February 16th, Soros has disclosed a 10.42% ownership stake in ADENF with 10,483,871 shares.

This is a brand new position for the hedge fund and is a result of a non-brokered private placement. Soros acquired shares at $0.62 per share in its Quantum Partners LP investment vehicle. Shares now trade at $0.88. The company also recently announced management changes, inserting Yael Reznik Cramer as interim CEO.

We've detailed other recent portfolio activity from Soros including an addition to their Harvest Natural Resources (HNR) stake, as well as starting a stake in San Leon Energy. For a complete look at Soros' portfolio, head to the newly released issue of Hedge Fund Wisdom.

Per Google Finance, Adira Energy "formerly AMG Oil Ltd., is an early-stage oil and gas exploration company. The wholly owned subsidiaries of the Company include Adira Energy Holdings Corp., Adira Israel Ltd and Adira Energy Services Ltd."

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