Proposed Secondary Placing
Ardonagh Group subsidiary to sell approximately 1.6m shares (4.3% of company) at 630p per share.
- Placing shares approximately 1.6 million
- Price per share 630 pence
- Percentage of issued share capital approximately 4.3%
- Selling shareholder current stake approximately 19.9%
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PSC UK Pty Ltd (the "Selling Shareholder"), a wholly owned subsidiary company of the Ardonagh Group, announces its intention to sell approximately 1.6 million ordinary shares (the "Placing Shares") in the capital of B.P. Marsh & Partners Plc ("B.P. Marsh") at a price of 630 pence per Placing Share.
Panmure Liberum Limited ("Panmure Liberum") is acting for the Selling Shareholder in connection with the Placing.
The Selling Shareholder currently owns 7,385,504 ordinary shares representing approximately 19.9% of B.P. Marsh's issued share capital (excluding treasury shares) and the Placing Shares represent approximately 4.3% of B.P. Marsh's issued share capital (excluding treasury shares). The Placing Shares rank pari passu in all respects with B.P. Marsh's ordinary shares.
The final number of Placing Shares to be placed will be agreed by Panmure Liberum and the Selling Shareholder at the close of the bookbuild process, and the results of the Placing will be announced as soon as practicable thereafter. The timings for the close of the bookbuild process are at the absolute discretion of Panmure Liberum.
B.P. Marsh is not a party to the Placing and will not receive any proceeds from the Placing.
The Selling Shareholder has undertaken that it will not dispose of any further B.P. Marsh shares for a period of 60 days following completion of the Placing, subject to certain exceptions and waiver by Panmure Liberum.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.