5th Apr 2016 16:28
LONDON (Alliance News) - Accesso Technology Group PLC said Tuesday that some of its directors and other shareholders plan to sell up to 2.0 million shares in the company to institutional investors in an accelerated bookbuild.
The company, which provides ticketing and queue-management technology to leisure and entertainment industry clients, said that the maximum number of shares that can be sold in the placing equate to an 8.9% stake in the business. The pricing of the placing has not been determined yet. Shares in Accesso closed up 0.4% at 987.55 pence on Tuesday.
Accesso said its Chief Executive Officer Tom Burnet intends to sell 426,909 shares in the company, which would leave him with a 1.9% stake.
Chief Operating Office Steve Brown is looking to sell 500,000 shares, following which he would have a 2.9% stake.
Major shareholder Leonard Sim will look to sell 800,000 shares, which would leave him with a 5.6% stake.
Chief Financial Officer John Alder plans to exercise options that give him the right to buy 100,000 shares in total, 40,000 at 57.50 pence per share and 60,000 at 156.0p, Accesso said. He then intends to sell the shares as part of the placing, in a move which would leave him with 6,612 shares in the company.
The company noted that "other shareholders", which were unnamed, will look to exercise options over 30,400 shares and then intends to sell up to 152,842 shares including those bought under the option deal.
Accesso said the final price at which the shares are to be sold to institutions will be agreed by joint bookrunners Canaccord Genuity Ltd and Numis Securities Ltd and the selling shareholders at the close of the bookbuild. The book will close no later than 1800 London time on Wednesday this week.
Burnet, Alder, Brown and Sim have agreed that, without the prior written consent of the joint bookrunners, they won't sell further shares in Accesso for year after the placing completes.
By Hannah Boland; [email protected]; @Hannaheboland
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