26th Mar 2015 17:23
LONDON (Alliance News) - JP Morgan Thursday said it will be handling a placing of up to 4.6 million shares in Abcam PLC with institutional investors on behalf of the research tool company's Deputy Chairman Jonathan Milner.
The bank said the shares represent approximately 2.3% of the company's issued share capital, and Milner intends to use the proceeds from the sale for "charitable donations and for tax and estate planning".
Milner is the biggest shareholder in the company and had a 13.9% stake at the end of February.
"Dr Milner has confirmed that he remains fully committed to the company both as an active member of the Abcam board in his role as Deputy Chairman and he intends to remain the largest Abcam shareholder following the placing," the bank said.
Any unsold shares will be subject to a 12 month lock-up, subject to "customary exceptions".
Abcam's shares closed down 1.2% at 488.38 pence Thursday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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