15th Sep 2016 16:33
LONDON (Alliance News) - Two major shareholders in Gym Group PLC revealed late Thursday they plan to sell a 12% stake in the business, a day after rival operator Pure Gym Group PLC said it plans an initial public offering in London next month.
Certain funds managed by Phoenix Equity Partners Ltd, which itself is managed by Bridges Ventures LLP, alongside Senior Independent Non-Executive Paul Gilbert, are selling the 15.0 million shares through an accelerated bookbuild process that is being carried out by Numis Securities Ltd and Barclays Bank PLC.
The remaining shares held by the sellers after the sale will be subject to a 90-day lock-in.
"The final number of placing shares to be placed and the price at which the placing shares are to be placed will be agreed by the joint bookrunners and the sellers at the close of the bookbuild process, and the results of the placing will be announced as soon as practicable thereafter," said Numis.
Rival operator Pure Gym Group said on Wednesday it will float on the London Main Market in October, hoping to raise GBP190.0 million.
Gym Group shares closed down 3.3% to 218.0 pence per share on Thursday, giving the 15 million shares being sold a value of GBP32.7 million. The stock was listed in November 2015 at 195p.
By Joshua Warner; [email protected]; @JoshAlliance
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