6th Nov 2019 08:51
(Alliance News) - Shares in construction materials firm Breedon Group PLC slumped Wednesday as a major shareholder sold off its entire stake.
After the market close on Tuesday, JPMorgan Securities PLC said M1 Cement Holding Ltd would be selling 139.7 million Breedon shares, 8.3% of the company.
Early Wednesday, JPMorgan confirmed all of the shares had been successfully sold at a price of 59 pence each, netting M1 Cement proceeds of GBP82.4 million. Breedon received nothing from the sale, as they were existing shares.
Breedon, which is based in Breedon on the Hill in Leicestershire, was 11% lower in early trade on Wednesday in London at a price of 58.00p.
By George Collard; [email protected]
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