16th Sep 2016 12:13
LONDON (Alliance News) - Gym Group PLC said Non-Executive Director Paul Gilbert sold 332,713 shares on Thursday as part of the accelerated bookbuild launched earlier this week.
Earlier Friday the gym operator confirmed two major shareholders sold a 12% stake in the business for a total of GBP31.5 million.
The company had said late Thursday that certain funds managed by Phoenix Equity Partners Ltd, which itself is managed by Bridges Ventures LLP, alongside Gilbert were set to sell 15.0 million shares in the business at 210 pence each.
The 332,713 shares sold by Gilbert represent his contribution toward the total 15.0 million being sold.
Phoenix will continue to hold a 20.4% stake in the company, Bridges will hold approximately 10.1% of the issued share capital and Gilbert will hold a 0.7% stake following the sale.
Gym Group will not receive any proceeds from the placing. The remaining shares held by the sellers after the sale will be subject to a 90-day lock-in.
The stock was down 6.0% at 209.28p Friday.
By Arvind Bhunjun; [email protected]; @ArvindBhunjun
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