12th Apr 2016 15:49
LONDON (Alliance News) - Dunelm Group PLC Tuesday said Deputy Chairman Will Adderley plans on selling a 3% stake in the company through an accelerated bookbuild.
The 6.0 million shares that are being put up for sale are held by WA Capital Ltd, a company controlled by Adderley, who has told the company he is selling the shares to allow for "greater portfolio diversification".
If all those shares are sold, Adderley would be interested in 57.3 million shares, representing a 28.3% stake in the company. The Adderley family will remain interested a combined 105.4 million shares, which is equal to a 52% stake.
"Will Adderley remains fully committed to Dunelm in his role as deputy chairman as well as a very substantial shareholder in the company. Under the terms of the placing agreement, Will Adderley has agreed that, following completion of the placing, he will not dispose of further shares in the company for a period of at least six months," said the company.
UBS will manage the placing as bookrunner, and Stifel Nicolaus Europe Ltd will act as co-lead manager.
Dunelm shares closed down 0.4% to 953.50 pence per share on Tuesday.
By Joshua Warner; [email protected]; @JoshAlliance
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