8th Mar 2023 18:25
(Alliance News) - A firm controlled by Alfa Financial Software Holdings PLC Executive Chair Andrew Page is offloading 16 million shares in the company through a secondary placing, joint bookrunner Barclays said on Wednesday.
CHP Software & Consulting Ltd intends to sell 16 million shares in total. CHP is controlled by Page. The 16 million shares represent a sale of 15 million shares by Page.
Alfa Chief Executive Andrew Denton is also a minority shareholder in CHP.
Shares in Alfa Financial Software closed 3.9% higher at 145.50 pence in London on Wednesday. At current market prices, the sale will be worth GBP23.3 million.
The final placing price will be determined at the end of the bookbuild.
Alfa will not receive any proceeds from the placing. The placing represents around 5.5% of Alfa's share capital.
Page and Denton remain fully committed to Alfa and their working relationship with the company is unchanged, Alfa said in a statement.
CHP has committed it will not sell any further shares in the firm for at least 90 days.
The placing will be managed by Barclays Bank PLC. Investec Bank PLC and Panmure Gordon (UK) Ltd will serve as joint global co-ordinators and joint bookrunners.
By Jeremy Cutler, Alliance News reporter
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