23rd Mar 2021 17:09
(Alliance News) - Ferro-Alloy Resources Ltd on Tuesday said Chief Executive Nick Bridgen will sell GBP4 million worth of shares in an accelerated bookbuild, to help pay for a divorce settlement.
Bridgen will sell up to 13.3 million shares in the Guernsey-based miner at a minimum price of 30.00 pence each. In the event of excess demand, he will sell up to a further 6.7 million shares. The placing was launched immediately, with Shore Capital Stockbrokers Ltd and VSA Capital Group Ltd acting as bookrunners.
Shares in Ferro-Alloy closed down 15% at 32.00p in London on Tuesday. The share price has more than tripled year-to-date from 10.10p.
By Ivan Edwards; [email protected]
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