5th Oct 2016 07:55
LONDON (Alliance News) - Barclays Bank PLC on Wednesday said a group of investors in FTSE 250 motor insurer Hastings Group Holdings PLC are to sell a 7.0% stake in the company via a share placing.
Barclays said the group of investors selling the shares comprises Hastings Investco Ltd - controlled by Goldman Sachs Merchant Banking Division, Edward Fitzmaurice, Narmali Utley and Keith Charlton - Neil Utley, The Utley Family Charitable Trust and Richard Brewster.
Neil Utley is one of the co-founders of Hastings and Narmali Utley is his wife. Fitzmaurice and Brewster both sit on the company's board as non-executive directors, while Charlton heads Hastings subsidiary Advantage Insurance.
The group of investors has agreed to sell a total of 46.2 million shares in Hastings at 216.00 pence per share, making the transaction worth around GBP99.8 million.
Hastings shares closed at 228.50p on Tuesday. On Wednesday, shares in the company were down 4.1% at 219.20p in early trade, the worst performer in the FTSE 250.
The placing is being lead managed by Peel Hunt LLP, with Goldman Sachs International, Barclays Bank and Credit Suisse Securities (Europe) Ltd as joint bookrunners and is set to close on Friday.
Hastings listed in London in October 2015, raising GBP210.0 million and being valued at GBP1.12 billion upon admission. Since listing a year ago, shares in the company are up 31%, and it is now valued at around GBP1.44 billion.
By Sam Unsted; [email protected]; @SamUAtAlliance
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